{"id":117,"date":"2019-01-10T12:57:03","date_gmt":"2019-01-10T12:57:03","guid":{"rendered":"https:\/\/www.velaninfo.com\/rs\/?p=117"},"modified":"2026-04-16T09:29:09","modified_gmt":"2026-04-16T09:29:09","slug":"important-tax-changes-for-small-businesses","status":"publish","type":"post","link":"https:\/\/www.velaninfo.com\/rs\/important-tax-changes-for-small-businesses\/","title":{"rendered":"Important Tax Changes For Small Business"},"content":{"rendered":"<div class=\"post-header\">\n<div class=\"bdp_blog_template\">\n<div class=\"social-component\">\n<div class=\"post-header\">\n<div class=\"bdp_blog_template\">\n<h2>What are Tax Changes for small business Tips?<\/h2>\n<ul>\n<li class=\"social-component\">Tax changes for small business laws have been constant over the years. However, it is safe to say that it\u2019s been over 30 years since there has been any significant change.<\/li>\n<li class=\"social-component\">Tax Cuts and Job Reforms Bill that recently passed is certain to impact everyone from individual taxpayers to small business owners. In line with the previous sweeping tax reforms, this new tax act is likely to foster a great deal of business for accountants.<\/li>\n<li class=\"social-component\">The ideal way for accountants to take advantage of this potential boon is to demonstrate an intimate awareness of all the different ways the TCJA affects the majority of small businesses.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>What are the tax changes for small business 2026?<\/h2>\n<div class=\"post-body clearfix\">\n<h3><strong>20% Income deduction for most Small Businesses<\/strong><\/h3>\n<p>Congress didn\u2019t want small businesses to miss out on the party either, but they simply couldn\u2019t lower the tax rate either. So, in order to give tax changes for <a href=\"https:\/\/www.velan-bookkeeping.com\/bookkeeping-for-small-and-medium-business\">small businesses<\/a> a tax cut, Congress brought around a new tax deduction; the 20% Qualified Business Income Deduction. If the taxable income is less than $157,500 (for an individual) or $315,000 (for married) taxpayers filing jointly, then the deductions are generally 20% of the net income of the business. If the taxable income is higher than these threshold amounts, then a deduction can still be availed but the limitations and exceptions will apply based on the occupation and wages.<\/p>\n<h3><strong>100% Bonus Depreciation<\/strong><\/h3>\n<p>Depreciation is a tax deduction that facilitates the writing off of the gradual wear, tear and obsolescence of certain properties. Depreciation rules can be complicated, with varying types and degrees of deprecation on different schedules. For instance, many types of properties take as much as 39 years to reap the benefits of depreciation. Fortunately, Congress introduced Bonus depreciation to speed up the process to muster tax savings faster. Then in 2015, Congress shot up the Bonus depreciation deduction to 50% in the first year. Now, the new tax reforms bill bumps the deduction all the way up to 100%. It is likely to stay this way until 2023.<\/p>\n<h3><strong>Retroactive Refunds<\/strong><\/h3>\n<p>One chief tax <a href=\"https:\/\/www.velaninfo.com\/rs\/benefits-of-outsourcing-accounting-and-bookkeeping\/\"><strong>benefit for business owners<\/strong><\/a> is retroactive tax refunds. Having paid taxes in 2017, 2016, 2015 \u2014 or possibly even 2014 \u2014 can earn a 3-year review of tax returns for missed tax savings. And making a cut in the 93% of business owners who have paid too much in taxes, one can qualify for a retroactive tax refund. Fortunately, this law was not tax changed in the reform bill.<\/p>\n<h3><strong>Mortgage Interest Deductions<\/strong><\/h3>\n<p>Mortgage interest deductions will continue to exist. But only few people will be claiming the deduction on their\u00a0<a href=\"https:\/\/www.velan-bookkeeping.com\/services-tax-processing\">tax returns<\/a>. Deductions can either be itemized individually or can take the Standard Deduction. Whichever method renders larger deduction is what would be considered for return. However, there was one key change to the mortgage interest deduction. The deductions have now been limited to new mortgages of $750,000 or less \u2013 down from $1 million in 2017. The mortgages originating before 2018 of $1 million or less are grandfathered in and keep their mortgage interest deduction.<\/p>\n<h3>Tax changes for small businesses &#8211; <strong>Why Velan? <\/strong><\/h3>\n<p>We at Velan are equipped with skilled tax preparers possessing over a minimum of 19\u00a0 years of experience in the domain of Taxation. Available round the clock at your disposal, we cater to services with utmost sensitivity and sensibility that the work demands. With encomiums and testimonials speaking for themselves, one needn\u2019t think twice before calling us. Our pricing are highly competitive and guarantee international standards in terms of delivery. We cost less than an in-house tax preparer\u2019s salary exclusive of his paid vacations, incentives and bonuses.<\/p>\n<p>Not only do we regularly keep updated with the latest tax laws, but support high-end infrastructure which allows us to function as a virtual extension of our client\u2019s team, while ably providing our\u00a0cost-friendly services.<\/p>\n<p>If you have any queries related to your tax returns feel free to\u00a0<a href=\"https:\/\/www.velan-bookkeeping.com\/contact\">contact us<\/a>\u00a0for detailed information, we will be glad to assist you.<\/p>\n<p><a href=\"https:\/\/www.velaninfo.com\/contact\">Call us today!<\/a>!! And give your business the head start that it deserves!<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What are Tax Changes for small business Tips? Tax changes for small business laws have been constant over the years. However, it is safe to say that it\u2019s been over 30 years since there has been any significant change. Tax Cuts and Job Reforms Bill that recently passed is certain to impact everyone from individual&#8230;<a class=\"continue-reading text-uppercase\" href=\"https:\/\/www.velaninfo.com\/rs\/important-tax-changes-for-small-businesses\/\"> Continue Reading <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.velaninfo.com\/rs\/wp-content\/themes\/velaninfo\/images\/reading_arw.png\" alt=\"Continue Reading\" width=\"16\" height=\"12\"\/><\/a><\/p>\n","protected":false},"author":10,"featured_media":165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-service"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax Changes For Small Business 2026 Tips | Velan<\/title>\n<meta name=\"description\" content=\"Velan Providing important Tax Changes 2026 Tips For Small Business. 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