This Cincinnati Business Courier article by Hannah McCartney quotes our very own Greg Lamping, CPA, Shareholder, when asked, “What is the No.1 biggest piece of advice you have for your small business customers on tax reform?”
Greg suggested to take a hard look at the way you do things and ask yourself does it still make sense to continue to do things that way? Most likely, the answer is “No.”
Now take a look at that process and see if you can utilize changes in the Tax Act to your advantage in implementing. This may include the purchase of new equipment or technology, research and development opportunities, employee education, and quite possibly a reexamination of one’s entity from a tax situation.
Don’t wait until the end of the year to do tax planning. By then, it may be too late to fully implement meaningful changes. Talk to one of our professionals now and have a game plan for 2018 and beyond.