The Tax Cuts and Jobs Act Projects Industry Change
Here Comes the Boom
There have been a lot of articles written about the recent tax bill, The Tax Cuts and Jobs Act, since it became law at the first of the year. There are many provisions within the law that will change the way both individuals and business owners will plan for future tax filings and run their businesses. Throughout this article, I will review some of the provisions as they relate to business owners and certain niches in the contracting industry as well as provide some guidance on changes that may be appropriate for the exiting business owner.
First and foremost, it will be less expensive to operate your business in 2018 than it was in 2017. Aside from the various provisions, one key element is that tax rates have dropped.