There will come a day when every entrepreneur or small business owner realizes they can’t do it all, or they simply don’t want to. Being boss, HR manager, product designer, inventory manager, accountant, and the sales and marketing department can begin to weigh on you no matter how dedicated or organized you are. The good news is, help is out there.
2020 is here, and it’s a chance for a fresh start for your business. Milestone years can be motivational in making the business improvements you may have been delaying, and it’s an opportune time to set the tone for the next 10 years. From taxes, to accounting, to processes and growth, here are some tips we’ve compiled to help you make the most of 2020.
The IRS has released recommended mileage reimbursement rates for 2019. Each year the IRS performs a study on vehicle costs to determine whether to adjust the rates. Rates not only changed this year, but some adjustments resulted from the new tax reform.
Tax planning in 2019 continues to be a moving target due to the TCJA (Tax Cuts and Jobs Act) enacted in December 2017. Although there is still uncertainty as we await clarification by the government and IRS, enough of the law is currently in practice to allow substantial tax planning to occur.
Recent tax reform requires you to make changes to your company’s accounting. The Tax Cuts and Jobs Act (TCJA) that was passed in December 2017 and takes effect this year has created more headlines that you can count. You’ve probably heard about reduced tax rates, an increase in the standard deduction and possibly even a qualified business income deduction for pass-through entities.