Maximize your business’s 2017 tax savings – Claim all the breaks you’re entitled to when filing your return
Abstract: Even after 2017 draws to a close, there are still moves business owners can make to save on 2017 taxes. One is to be sure to claim all the tax deductions and tax credits they’re allowed to make. This article highlights some of these areas, including fixed asset purchases, domestic production activities, the research tax credit and the Work Opportunity tax credit. A sidebar briefly discusses how employers might be able to lower their 2017 tax bill by making deductible contributions to employee 401(k), SEP or profit-sharing plan accounts.