To Qualify for the New Tax Deductions, Do I Have to Get an EIN?

To Qualify For The New Tax Deductions, Do I Have To Get An EIN?

As it has already known that some changes have done in big businesses’ tax rates, there are a few critical changes that equate to big wins for them as well. However, to benefit from these deductions from taxes, businesses and companies must first apply for an EIN.

Four significant advantages for small-scale businesses

The changes done in the 2018 tax reform directly affect C corporations and larger entities, the IRS accepted four changes which allow small companies and business owners to do these four things. These are as follow:

-Deducting 20% from gross income if income is less than $157,500 US dollar per year

-Deducting 30% of a depreciated item’s value in the first year

-Passing business and financial legacy to beneficiaries tax-free

-Claiming missed deductions from as far back as 2014

As we have said before, to benefit from all these, business or company owners must first get an EIN.

Please contact us for more details: info@ein-itin.com

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