Tax Time Advice for Small Business Owners
2024-02-11 – BE&O RYB
As tax season heats up, there are some important changes business owners need to look for.
As the United States Congress continues to debate legislation that could alter the tax code, Courtney Kincaid, President and CEO of the Indiana CPA Society, says many CPAs are taking a “wait and see” attitude before filing personal and company taxes for their clients.
One area of interest in particular is the child tax credit. An expansion of the credit has already passed the House of Representatives, and Kincaid believes it is on its way to passing the Senate. If it does, the change would be retroactive, and people who have already filed their 2023 tax returns can submit an amended return later this year to claim the credit.
Kincaid also stresses the importance of gathering important documents and records to hand over to your CPA as they prepare your taxes. She warns business owners to pay close attention to what forms they use to file, as many outdated forms are still in circulation.