SC&H Group’s Tax Services team offers the following blog post that provides reasons why this will be the best tax season ever for small business owners.
Tax season for small business owners is a challenging time. Focusing on tax rules and regulations is very daunting, and can ultimately distract business owners from focusing on growth, development, and customer acquisition.
However, this tax season is shaping up to be much easier for smaller businesses, which is something to celebrate. According to a recent Inc. Magazine article, here are five reasons small business owners should be doing the “happy dance” this year:
- Big deductions were extended.
In late December, Congress extended a bunch of 2014 tax deductions and credits that will benefit your business. SC&H Group goes into depth on them in this white paper.
- The IRS has less money.
As Federal News Radio reports, the IRS must absorb a $346 million cut, which means cutting personnel. Although there will be less customer service, there will probably be fewer audits.
- The healthcare law doesn’t really kick in until next year.
The new law doesn’t start until next January (2016), so enjoy this year’s tax season because next year may find you with more reporting and financial requirements dictated by the law versus now.
- Our national debt is now $18 trillion.
This year, no one seems to care because the economy is good and the country has been distracted – so celebrate this year’s relatively low tax rates. Compared to what you’ll be paying down the road, this is nothing!
- Finally, there’s a movement in the Senate to allow the IRS to regulate tax preparers.
In the future, tax preparers will be subject to mandatory testing and continuing education requirements. This could likely increase the professionals’ cost of doing business – and therefore increase your fees too.
Tax season is not often considered the most wonderful time of the year for small business owners. Hopefully these “five reasons” will help remind small business owners that this year could be the best tax season ever.
If you have any questions, or would like to discuss how your small business can have the best tax season ever, please contact SC&H Group’s Tax Services team here.