• NEWS
  • SUBSCRIBE HERE
  • ADVERTISE
  • VIDEOS
  • PROFESSIONAL FORUMS
  • CONTACT/ABOUT US

Wood Industry US

The business side of woodworking

  • HOME
  • NEWS
  • AFFORDABLE FILE
  • DESIGN
  • Products
  • EVENTS

Several tax law changes may affect bottom line of many business owners

November 2, 2018 By Mike Edwards Leave a Comment

The Internal Revenue Service has reminded business owners that tax reform legislation passed last December affects nearly every business.

With just a couple of months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations.

Here are several changes that could affect the bottom line of many small businesses:

Qualified Business Income Deduction

Many owners of sole proprietorships, partnerships, trusts and S corporations may deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the qualified business income deduction — is available for tax years beginning after Dec. 31, 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.

A set of FAQs provides more information on the deduction, income and other limitations.

Temporary 100 percent expensing for certain business assets

Businesses are now able to write off most depreciable business assets in the year the business places them in service. The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.

Taxpayers can find more information in the proposed regulations.

READ MORE

Filed Under: Affordable file

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CAPTCHA
Refresh

*

Latest Products

5G CNC working cell has brawn and brains

CNC Factory’s 5th Generation Technology not only does all of the critical thinking, but it also eliminates manual lifting of parts. Compact yet powerfully productive. Technologically advanced, yet … [Read More...]

Osborne Introduces Mid-Century Modern Collection

Osborne Wood Products, Inc. is an international supplier of high-quality wood components. Their extensive line of products includes table legs, corbels, cabinetry, moulding, inlays, hardware, and … [Read More...]

Five-piece door frame production machine

The model HP5D five-piece door frame machining centre from Pillar Machine is designed to machine parts used in TFL (thermally fused laminate), TFM (thermally fused melamine), paper wrapped, vinyl … [Read More...]

Flexible edgebander for small to medium shops

Designed for small to medium shops, the Casadei Flexa 27 automatic edgebander comes equipped with the MEGA 200 PLC controller. Available from JKL Machinery, the edgebander features an industrial … [Read More...]

Vertical drying ovens

With the patented Flexpro function, the new Omnidry range of vertical ovens from Cefla provide a passage height that can be automatically varied on the basis of piece height. The range is not only … [Read More...]

Antique wood feature walls

Wood feature walls from Goodwin Company are offered in river-recovered heart cypress for both residential and commercial spaces. The ease of installation and maintenance is said to be attractive … [Read More...]

Dust collection attachment eliminates filter clogging

When connected to a single stage dust collector, the Super Dust Deputy attachment line from Oneida Air will eliminate filter clogging and suction loss by removing 99 percent of dust and debris from … [Read More...]

More products.....

Copyright © 2022 · Wood Industry US