As a small business owner, tax season can be a stressful time. With the ever-changing regulations and tax laws, it’s easy to feel overwhelmed and unsure about how to navigate the tax landscape. However, with the right guidance and support, tax season doesn’t have to be a daunting task. At Hylen CPA, we’re here to help you every step of the way. Hylen can handle it for you so that you can rest assured that your tax needs are in good hands.

Tax Updates: What to Expect

With each new tax year come new changes. Here are key updates small business owners should be aware of:

• Changes to Tax Rates: The IRS frequently adjusts tax rates to account for inflation, resulting in periodic increases in tax brackets for both individuals and businesses.
• Standard Deduction Increases: The standard deduction typically sees periodic increases, benefiting single filers and married couples filing jointly alike.
• Modified Credit for Pension Plan Startup Costs: Recent legislation enhances the credit for small employer pension contributions, providing valuable incentives for businesses.
• Health Savings Account (HSA) Contribution Limits: HSA contribution limits are periodically increased, allowing for greater savings for individuals and families.
• Net Operating Rules: Updated regulations now limit the extent to which a net operating loss can offset taxable income, making strategic tax planning more important than ever.
• Cryptocurrency Taxation: As cryptocurrency becomes more prevalent, the IRS has intensified scrutiny. Businesses accepting cryptocurrency as payment must ensure these transactions are accurately reported.
• Changes to Retirement Plan Limits: Contribution limits for 401(k) and other retirement plans are periodically adjusted, offering opportunities for increased savings.

How Hylen CPA Can Help

At Hylen CPA, we understand that tax laws and regulations can be complicated and difficult to navigate. That’s why we offer a range of services to help small business owners with their tax needs. Our team of experts stays up-to-date with the latest changes and regulations, so you don’t have to. Here are just a few of the services we offer:

• Tax Planning: Our team can help you create a tax plan that minimizes your tax liability while maximizing your deductions.
• Bookkeeping: We offer bookkeeping services that help you keep track of your finances throughout the year, so you’re prepared when tax season comes around.
• Tax Preparation: We can prepare and file your tax returns, ensuring that everything is accurate and compliant with the latest regulations.
• Audit Support: If you’re facing an audit, we can help you navigate the process and ensure that everything is in order.

At Hylen CPA, we’re committed to providing our clients with the highest level of service and expertise. With our help, you can feel confident that your tax needs are in good hands. So, if you’re looking for a trusted partner for your tax needs, look no further than Hylen CPA.