Has your CPA communicated this tax law change to you? It is an important one for 2018. No more deductible trips to the baseball field. Be sure to read this article from entrepreneur.com to see what is still eligible.
Good news! Not all business deductions went away. Thanks to a provision of the tax cut bill passed and signed last December most small business owners have a much needed 20% tax break coming their way in 2018! Not everyone qualifies for the special break, though. Check out this article from Inc.com to see if your taxable income and business type meet the guidelines.
Make sure you consult your CPA to see if your home office qualifies for a deduction. Tax law can be complex but that does not mean you should miss out on the opportunity to lower your tax bills if you qualify. Do you need a separate room? Can you have multiple locations? Will it increase my chances of being audited? This article from Forbes.com tells you what you need to know.