3 things small-business owners should know for 2019

JOYCE M. ROSENBERG | January 6, 2019

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Now that the new year is here, small-business owners may find themselves trying to understand changes brought about by federal and state laws. Here are three things owners need to know for 2019: Many owners who are sole proprietors, partners and shareholders in S corporations will be trying to figure out if they can claim the 20 percent deduction for qualified business income. The computations for the deduction can be complex; they depend on an owner’s income and a spouse’s income, as well and how much they pay their employees. There are other big changes  for example, companies like manufacturers that can now use the cash accounting method instead of the previously required accrual method will be reconfiguring their ledgers. Owners who didn’t do year-end tax planning may want to consider getting an extension of the filing deadline for their returns to give themselves breathing room. You can learn more about the new tax law and how to get an extension on the IRS website, www.irs.gov.

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