The Tax Cut and Jobs Act is officially here!!! My phone rang off the hook today, along with emails blowing up my inbox, and my text messages seeming to appear to defy the laws of “unlimited” texts!
There is a lot of info out there, and for the most part – it is accurate. And the purpose of this blog is not to go over the provisions of the new bill – they are out there on almost every single tax website you can possibly check. The purpose is to answer the question that I am being asked by almost all of my clients. And that is:
Is my Business set up the right way???
There are so many changes with this new tax law – that it is almost impossible to answer that question without looking at your information. I need to see your personal tax returns in order to determine your personal marginal tax rate (the tax rate that you pay on the next dollar of income that you earn), your business tax returns (if you are incorporated), and your most recent financial statements. Then we can analyze your profits, losses, income and expenses and determine whether you should think about converting to a sole proprietorship, partnership, S Corporation, C Corporation, Limited Liability Company, or even a Series Limited Liability Company.
Therefore – my advice to many of you today is – get your information in to your tax professional. Let them do a full review and analysis of your situation, and then determine the best tax structure for you going forward into 2018.
You can always reach us at our Corporate Office in Illinois at 618-997-3436, or you can email your info in to me at firstname.lastname@example.org or to my partner Lacie@taxplanning.com. Once we receive your info, it takes about a week to schedule it for review and analysis and then we can discuss your options.