The Tax Cuts and Jobs Act (“TCJA”) changed deductions, depreciation, expenses, tax credits, and other tax items that affect businesses. This side-by-side comparison can help companies understand the changes and plan accordingly.
Some provisions of the TCJA that affect individual taxpayers may also affect business taxes. Businesses and the self-employed should review thecambios de la Reforma tributaria para Los individuos and determine how these provisions work with their business situation.
Visit reform often for tax relief service reform updates. Businesses can find details and the latest resources on the provisions below on the disposiciones.
Deductions, depreciation, and expenses
Changes in deductions, depreciation, and expenses can affect a taxpayer’s business taxes. , Publicación 535, Gastos de negocios (en inglés)andPublicación 946, Cómo depreciar la propiedad (en inglés) , explain many of these topics in detail.
Businesses with Employees: Changes to Supplemental Benefits and New Credits
For businesses that have employees, there are changes to beneficios complementarios and a new tax credit that can affect a business’s bottom line.
Business structure and accounting methods
The business structure of an organization is an important consideration when implementing tax reform changes. The Tax Cuts and Jobs Act changed some things related to these issues.
Companies or individuals that rehabilitate historic buildings
Opportunity for tax-favored investments
Opportunity Zones are a tool designed to stimulate economic development and job creation in struggling communities. Companies or individuals can participate.