How will the new tax law affect my business is a question we’ve been asking all year-long. Chris DiLorenzo, the founder of CMD, is here to tell us what business owners need to know.
How Will the New Tax Law Affect My Business?
The new tax law has already provided benefits, but small business owners still have a lot of questions. Our good friend, Chris DiLorenzo, joins us today to help us understand the new regulations. He talks about what rules have been settled and what we’re still waiting for more information on. This information is critical to help you make decisions for your business headed into 2019.
Chris started CMD to help businesses and individuals find a competent partner to grow their profitability. They specialize in Internal Audit, CFO Services, and, the topic of this interview, tax planning and preparation. He started the business part-time while he worked as an executive for a series of multi-billion dollar companies. He left the corporate world about a year ago to concentrate on running his own business full-time.
First, Chris fills us in on the settled tax changes if your business is a C corporation and how you can benefit from that new tax rate. For pass-through businesses, we talk about the new Section 199 deduction, also known as Qualified Business Income. Chris shares with us the information we do have about these deductions and what you should keep your eye on for the next few months. We also discuss what you should know about the process the IRS uses to turn the law passed by the Congress and why it’s important. If you’re not sure what your business entity is, or what it should be going forward, Chris gives us some advice on that as well.
Pay close attention to what Chris says towards the end about how much money your spouse makes can affect how much tax you pay on your business and other big decisions you make today that can impact your business years down the road. Watch now so you can stop asking, how will the new tax law affect my business!
How to Contact Chris DiLorenzo
Website : www.cmdcpa.com
If you enjoyed hearing from Chris, check out our interview with Greg Wilken on How Do I Retain My Employees?