Tax Regulations Are Changing in 2018

You may or may not have heard that tax regulations are changing in October of 2018. This means we can all expect new rules and processes that will not only affect future tax returns, but past tax returns as well.

Maximize Your Tax Deductions Before October!

As a business owner, it is important to find a good accountant or bookkeeper who will help you understand your potential tax burdens based on your income. It’s also important to find a CPA or bookkeeper who will help you understand the different tax deductions you qualify for. Unfortunately, not all bookkeepers or accounting firms are aware of all of the deductions you may be owed.

One such potential deduction is called “cost segregation”. Simply put, cost segregation is the process of identifying personal property assests that are grouped with real property assets and then separating out the personal assets for tax reporting purposes.

What Kind Of Tax Deductions Might I Be Missing?

A business owner who purchased or built a building during years when tax rates were higher, and depreciated under the assumption that they would get those deductions “over time”, may not get the returns they are actually due. Under the new regulations, you will still get SOME of your money, but instead of 35%, they’ll only recover 21%. This means your overall deduction would be worth 40% less next year than this year.

Get in Touch With KHL Bookkeeping

KHL Bookkeeping is dedicated to providing our clients, potential clients, and readers with information that will help their companies hit their financial goals and, overall have more financial health. For more information please contact one of our bookkeeping experts OR if you have specific questions about cost segregation, contact tax deduction advisor Don Daves with GMGsavings.

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