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This provides businesses with more money upfront, which lawmakers hope will be invested back into the business or used to hire workers.
Strategy: Take advantage of current loopholes in the tax law.
By making smart moves at the end of the year, you might save your business thousands of tax dollars.
Net operating losses (NOL) can no longer be carried back for two years, but instead can be applied for an indefinite amount of time going forward.
Net operating losses occur when a business's tax deductions are greater than its taxable income.
After graduating from James Madison University with a degree in journalism, Matt gained experience as a copy editor and writer for newspapers and various online publications.
In addition to his writing and reporting, Matt edits articles.
This adjustment means your taxes could be different from last year.
If you're a small business operating domestically, Anthony Parent, founding partner of Parent & Parent LLP, said you should experience mostly positive changes.
As these laws and regulations continue to be implemented, 2019 will be a year of adjusting to change as opposed to incorporating new ones.
[See our 2019 "Best overall Tax Software for Small Business" winner - Turbo Tax] "The tax changes were so significant, I would imagine that there's still a lot of issues in terms of digesting what has occurred," said Wayne Winegarden, senior fellow in business and economics at and managing editor of Econo STATS.