With that in mind, the National Association of Enrolled Agents put together a short list of great advice for small-business owners to help them stay on top of both the changes brought by reform and the perennial tax burdens they always face.
1. Consider restructuring
However, to maximize the deduction, the new law may require the owner to change the tax structure of their business. For example, some sole proprietors may need to become an S corporation to maximize their tax savings under the new law.
“If this sounds confusing, that’s because it is,” said NAEA president James Adelman, particularly since the IRS has not issued guidance yet on this provision of the law, making it difficult for small businesses to determine who might be eligible.