1. The Growing Potential of Automation
Lilach Bullock of the Roundpeg blog confirms that "automation tools are now more accessible than ever, no matter the size of your business, or your budget."
Small businesses in particular stand to benefit from new automation offerings covering everything from:
​

• Lead nurturing and email marketing (Drip, ConvertKit, etc)
• Social media marketing (Buffer, MeetEdgar, etc)
• Lead scoring (Marketo, Pardot, etc)
• Accounting (Xero, Wave, etc)
• Documentation (PandaDoc, HelloSign, etc)
• Payroll and benefits processing (Gusto, Wagepoint, etc)

Chances are, if there's an administrative task you handle on a repetitive basis, there's an automation tool that'll save you time, money and other resources.
2. Business Continuity Planning and Risk Mitigation
We're currently in the second-longest running bull market ever. And while there's plenty of speculation about how long this one might last (predictions range from the optimistic to the pessimistic), 2018 is a great time to start asking yourself some important questions:

• What can you do now to protect your business during future economic downturns?
• What are the weak areas in your business?
• What risks exist in your business that you aren't actively managing?

These aren't comfortable questions to ask. But whether an economic downturn occurs in two years or 10, you'll be happy you took this step now.
3. Cyber Risks
My site has been hacked multiple times in the last year, and all indications are that these types of cybersecurity risks will only continue in the years to come.
Protect yourself now by:

• Installing monitoring programs (I'm a big fan of Sucuri Monitor for this)
• Learning what to do if an attack occurs
• Taking the necessary steps to protect any personal information your company stores

4. Possible Tax Plan Changes
As of this writing, there's plenty of speculation about what a Trump administration tax plan might look like. But politics aside, Forbes's Robb Mandelbaum suggests that the current proposal to lower the tax rate on "pass-through" income (the kind often claimed by owners of sole proprietorships, LLCs and partnerships) to a maximum of 25 percent won't actually help that many small business owners:
"Indeed, according to an estimate earlier this year by the Tax Policy Center, about 87 percent of households with business income currently max out at the 25 percent bracket or lower."
Small swings in either direction in how new brackets are organized and what exemptions are kept or eliminated could make future tax years look very different for small companies. 
5. Updates to the Health Insurance Mandate
President Trump's October 10th executive order was intended to "promote health care choice and competition," though its full impact isn't yet understood.
Those watching the space suggest that small businesses could be affected in a number of different ways:

• Removing the small business coverage mandate could free up capital for employers who elect to no longer offer insurance plans
• It could become easier for small businesses to band together to purchase association policies
• Changing policy requirements could pull healthy individuals out of the exchanges, driving premiums up for those in need of comprehensive health care.

 
Sujan Patel Co-founder, Web Profits appearing on inc.com 

Here’s how it works.
The credit, usually claimed on Form 5884, Work Opportunity Credit, is generally based on wages paid to eligible workers during the first two years of employment. To qualify for the credit, an employer must first request certification by filing IRS Form 8850, Pre-screening Notice and Certification Request for the Work Opportunity Credit, with the state workforce agency within 28 days after the eligible worker begins work. Other requirements and further details can be found in the instructions to Form 8850.
There are now 10 categories of WOTC-eligible workers. Besides long-term unemployment recipients, the other categories include certain veterans and recipients of various kinds of public assistance, among others
.
The 10 categories are:

• Qualified IV-A Temporary Assistance for Needy Families (TANF) recipients
• Unemployed veterans, including disabled veterans
• Ex-felons
• Designated community residents living in Empowerment Zones or Rural Renewal Counties
• Vocational rehabilitation referrals
• Summer youth employees living in Empowerment Zones
• Food stamp (SNAP) recipients
• Supplemental Security Income (SSI) recipients
• Long-term family assistance recipients
• Qualified long-term unemployment recipients.

Eligible businesses claim the WOTC on their income tax return. The credit is first figured on Form 5884 and then becomes a part of the general business credit claimed on Form 3800, General Business Credit.
Though the credit is not available to tax-exempt organizations for most categories of new hires, a special rule allows them to get the WOTC for hiring qualified veterans. These organizations claim the credit on Form 5884-C, Work Opportunity Credit for Qualified Tax Exempt Organizations Hiring Qualified Veterans. Visit the WOTC page on IRS.gov for more information.

​IR-2018-113, May 4, 2018

For someone considering claiming the home office deduction, there are two options available:
Regular methodThe first option for calculating the home office deduction is the regular method. This method requires computing the business use of the home by dividing the expenses of operating the home between personal and business use. Direct business expenses are fully deductible and the percentage of the home floor space used for business is assignable to indirect total expenses. Self-employed taxpayers file Schedule C, Profit or Loss From Business (Sole Proprietorship), and compute this deduction on Form 8829, Expenses for Business Use of Your Home.
Simplified methodThe second option, the simplified method, reduces the paperwork and recordkeeping burden. The simplified method has a prescribed rate of $5 a square foot for business use of the home. There is a maximum allowable deduction available based on up to 300 square feet. Choosing this option requires taxpayers to complete a short worksheet in the tax instructions and enter the result on the tax return. There is a special calculation for daycare providers. Self-employed individuals claim the home office deduction on Schedule C, Line 30, and farmers claim it on Schedule F, Profits or Loss from Farming, Line 32.
Regardless of the method used to compute the deduction, business expenses in excess of the gross income limitation are not deductible. Deductible expenses for business use of a home include the business portion of real estate taxes, mortgage interest, rent, casualty losses, utilities, insurance, depreciation, maintenance and repairs. In general, expenses for the parts of the home not used for business are not deductible.
Deductions for business storage are allowed when the home is the only fixed location of the business, or for regular use of a residence for daycare services; exclusive use isn't required in these cases.
Further details on the home office deduction and the simplified method can be found in Publication 587, Business Use of Your Home, on IRS.gov.

​IR-2018-112, May 3, 2018