Being self-employed and running a small business requires an owner to wear many hats, ranging from CEO to filing clerk. While many small-business owners often are very successful at actually performing the service for the client or producing and selling the product online or in a storefront, many owners tend to focus more on just making payroll and paying the bills than focusing on the myriad challenges and opportunities when it comes to managing their tax burden and planning for their own financial futures.
An April 2018 survey by the National Association for the Self-Employed highlights some of the challenges facing small-business owners in light of the 2017 Tax Cuts and Jobs Act (Pub. L. No. 115-97) (2017 tax act) enacted in late December 2017 and directly impacting taxes in 2018:
- 83% of those surveyed indicated that they did not have a full understanding of the impact of the new tax laws
- 60% of those surveyed thought that taxes would be more complicated for 2018
- 50% of those surveyed thought they would pay more in 2018 while 50% thought they would pay less in 2018
- Perhaps the most significant result of the survey was that 55% of those responding indicated that they had spent $0 on outside help to prepare for the new tax laws.
This Special Report will highlight some of the more significant changes affecting small-business owners made by the 2017 tax act and hopefully encourage them to seek professional advice on ways to make the business run better and plan for a better financial future.