There have been a lot of articles written about the recent tax-reform bill, called the Tax Cuts and Jobs Act, since it became law on Jan. 1. There are many provisions within the law that will change the way both individuals and business owners will plan for future tax filings and how they run their businesses. This article will review some of the bill’s provisions as they relate to business owners in the roofing industry, and provide some guidance on changes that may be appropriate for the exiting owner.
First and foremost, it will be less expensive to operate your business in 2018 than it was in 2017. Aside from the various provisions, one key element is that tax rates have dropped these ways: