Tax season may have passed for this year, but it’s never too late to start thinking about next year. If you’re like most people, you probably prefer not to think about your taxes until you’re required. Yet, taxes are important, and this is especially true for independent contractors.
The new Tax Cut and Jobs Acts, also known as TCJA, has changed expensing, tax credits, deductions, and depreciation for business tax filers. There have also been recent changes that were designed to affect individual taxpayers that have had ramifications for how businesses file their taxes as well. Both businesses and individual who report self-employment income should review these changes to determine how it will affect their business situation.