With a new tax law fully in effect for the first time this income tax filing season, most Americans – including the small business community – are understandably apprehensive about how the revised tax code will impact their returns this year. Despite this anxiety, the overwhelming majority of small businesses and self-employed entrepreneurs can expect to benefit from key changes and updates to the tax code that will help save both time and money.

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When the nation's most sweeping tax reform was signed into law in late 2017, our elected leaders in Washington, D.C., promised American taxpayers, including millions of small business owners, they would pay lower taxes, keep more of their money and reap the economic benefits of tax reform for generations to come. Yet over a year later with the law now in effect, many continue to be confused about its impact on their bottom line and unaware of how to make the new system work for them.

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