Tax Liability and Tax Regulations: What Small Business Owners Should Know

Tax liability is the amount you owe. Tax regulations are the rules that determine the liability. Both change every year and both affect small business owners.

Tax law changes that matter

Section 179 and bonus depreciation limits change. Standard mileage rates change. Retirement-plan contribution limits change. Health-savings-account limits change. Energy credits expand, contract, and expire on different schedules.

A good tax preparer tracks these for you. A planner forecasts how next year's changes affect your liability before they take effect.

How we keep current

Our team holds continuing-education credits annually through the IRS Enrolled Agent program and through state CPA boards. We subscribe to professional tax research services (CCH, RIA, Tax Notes). We attend tax-update sessions every fall to capture year-end legislation.

You do not need to track this yourself. That is what a real firm is for.