TCJA which is our Tax Reform has many still contemplating how this new law will apply to various aspects of their business. The good news is that TCJA has provided significant benefit to most business owners. Planning is vital to taking advantage of these benefits.
These proactive strategies will avoid limits that the Net Operating Loss (NOL) rules impose.
Changes lawmakers made to the NOL deduction rules can take tons of money out of your pocket. Prior to tax reform you could carry back NOL to prior year and receive refunds of taxes paid in those years. Read Article.
Those days are over!
Which is where tax planning can help this is good news. Contact us so we can set up tax planning options that best fit your needs.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.