Small businesses got a tax cut via Trump’s new tax plan. The idea is that small American businesses will be able to stand up to the big corporations by using the money they save with this tax cut to invest in their company. Trump’s idea was to create trickle down benefits by cutting the taxes at the top for businesses and allow them to make wages higher all around.
Not really working, but that’s not the kind of answer this question wants, so I’ll leave that be for now.
Overall, it all depends on what kind of business you own, who you are, and what is going on in your business. You’ll just have to wait and see what’s going on when the filing season comes around..
It would depend on the business that you have. The new tax plan is supposed to help a lot of small businesses to thrive as the taxes that they have to pay are not as much as it used to be. Take note that there are different policies depending on who owns the business too.
Those who are doing pass-through businesses may only claim the deduction if they have a low annual income. If you have a small business, you can use the extra money that you will get after taxes to reinvest again in bigger and better things for your business. It may benefit you in the long run.
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