Taxing Issues Any Business Owner Should Know

If you own or are buying a business, you will want to be aware of the recently enacted Tax Cuts and Jobs Act (TCJA) that will affect your 2018 return and beyond.

The TCJA lowered the tax rate of “C Corporations” from 35% to 21% and provides for a new provision in the Internal Revenue Code that is known as Section 199A. The Section 199A provides a 20% deduction for owners of sole proprietors, partnerships, LLC’s and “S Corporations” (pass through business income).

For example; you are married and own a company that operates under your LLC and you earn $100,000 in 2018. Under the 199A, you would be granted a deduction of $20,000. Your marginal tax rate in 2018 is 22% so the deduction is worth $4,400 to you. Marginal tax rates vary as to whether you are single or married and by how much income your business makes. Again, for example, if you and your spouse’s LLC made $600,000 in 2018, your 199A deduction would be $120,000 with a marginal tax rate of 37%, the deduction would be worth $44,400 to you.

There are limitations and thresholds that have to be met with this new IRS code. Be sure that you and your tax advisors are up to speed so that you too may reap the benefits of the TCJA.

Roy Still

Managing Partner CBI TEAM Tulsa

It’s Tulsa Time…CBI Opens Fourth Full Service Office

Roy Still has acquired the Confidential Business Intermediaries/The CBI TEAM license for the metro Tulsa, Oklahoma area according to CBI Chairman Carl E. Grimes. Mr. Still becomes the fourth Managing Partner of the CBI+Team network. Mr. Still has opened the new office on the fifteenth floor of the iconic Remington Tower at 5810 East Skelly Drive in Tulsa.

Mr. Grimes noted that the Tulsa office has the distinction of a 100% success rate selling the businesses it has listed. CBI/Tulsa offers full service sales-mergers and acquisitions for small, medium as well as larger, complex main-street businesses, manufacturing and lower mid-market companies.

 Confidential Business Intermediaries/The CBI TEAM is the largest business intermediary firm in Oklahoma and Arkansas, with offices in Tulsa, Fort Smith, Springdale and Little Rock. CBI+Team has more than twenty professional full time business intermediaries having a variety of professional backgrounds including business management, accounting, commercial banking, real estate and business law.

 Mr. Still said, “When you engage CBI TEAM for your sale, merger or acquisition, the CBI+Team leverages the vast experience of its team, industry contacts, large buyer database, current technology and professional marketing resources in order to effect successful outcomes for our clients.”

Mr. Still started forming an interest in small business while learning the basics in his father’s grocery store.

Roy is a graduate of Northeastern State University in Tahlequah, Oklahoma. After graduating, his career started in retail as an Operations Manager where he was responsible for multiple acquisitions and new unit startups. He ultimately managed the operations of a substantial number of locations throughout the southern states. He also worked as Vice President of Sales for a publically traded automotive chain operating in Oklahoma, Arkansas, Texas and Missouri. In early 2013, Roy joined CBI+Team as an Intermediary for the Tulsa market and ultimately became Managing Partner.

Through the years Roy has successfully owned and operated several businesses including; a store fixture distribution company, a chain of check advance and loan offices,  an import/export company, a large antique store, a workers-comp loss-mitigation company, home decor store, laundry,  a towing & recovery service, online sporting goods company and an insurance agency.

With his experience, Roy has gained an understanding of the challenges entrepreneurs face when it comes to selling or buying a business.  His objective is to provide the utmost professionalism, competent service and confidentiality beyond reproach.

Mr. Still is seeking business professionals to join the CBI TEAM in the Tulsa office. CBI offers industry leading training and support programs. If interested in learning more about the CBI TEAM opportunity, please forward resume to roy.still@cbiteam.com.