Business owners may be able to take advantage of new federal tax law in 2018

Boston Statehouse

BOSTON (WWLP) – The new tax law is bringing a wide range of changes to how Americans pay their taxes.

Business owners may be able to take advantage of certain provisions of the new federal tax law in 2018, such as tax cuts for some companies.

President Donald Trump signed a new federal tax bill into law this month that will change how you pay taxes. Some businesses could see benefits from the law including tax breaks, such as a 20 percent reduction of taxable business income for some companies.

Secretary of State William Galvin expects there to be a rush to form limited liability companies, or LLCs, before the end of the year with some people hoping to take advantage of certain provisions of the law.

In a statement to 22News, Galvin said, “It is faster and easier than ever to form an LLC in Massachusetts. I encourage anyone who will be submitting certificates by the end of the year to beat the rush and use our online filing system.”People can form an LLC online through the Secretary of State’s website or in person.

Trump says tax cuts will make 2018 ‘great year’

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