QRCA Views Magazine, Winter 2018

32 QRCA VIEWS Winter 2018 www.qrca.org n BUSINESS MATTERS n s a QRC and small business owner, you’re probably wondering what the new tax reform act of 2018 might mean for you. Following are some tips from Kenneth Malc, CPA, partner of Malc & Company, who has been in business for over 30 years. Deductible business expenses help entrepreneurs with many of the costs of running a business. Business owners know that most expenditures can be written off, although there may be limits and timing issues. So what are the most common tax deductions for small business? Deductible Business Expenses Determine which of these twenty tax deductions for small business you can take on your 2018 businesses return. Also, project which items you need to take into account for 2019 estimated taxes. Here is a roundup of the most common tax deductions that were claimed on Schedule C of Form 1040 by sole proprietors (including indepen- dent contractors and one-member lim- ited liability companies not reporting elsewhere) as determined by the dollar amounts, starting with the largest cate- gory. This list has been updated for the 2018/2019 tax season. Top Tax Deductions for Small Business 1. Car and truck expenses. Most small businesses use a vehicle, such as a car, light truck, or van. The cost of operat- ing the vehicle for business is deduct- ible only if there are required records to prove business usage. In deducting costs, the need to keep records of cost By Kenneth Malc, CPA n Malc & Company n Great Neck, NY n kmalc@malcco.com W hat the T ax R eform A ct of 2018 C o u l d M e a n F o r Y o u , a s a S m a l l B u s i n e s s O w n e r I N T H E U S