Published By the Innovative Tax Relief team
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.
About Innovative Tax Relief
The rules on this page decide how much tax a business owes. When the result is a balance it cannot pay, or an IRS letter asking it to prove the numbers, Innovative Tax Relief provides audit representation and resolves back taxes and unfiled returns for the business and its owner.
Innovative Tax Relief is a tax resolution firm founded in 2016 in West Palm Beach, Florida. Our enrolled agents, CPAs and tax attorneys represent clients before the IRS in all 50 states.
Related services
If this applies to you, we can help.
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