The new tax plan will benefit small business owners, to a degree. Small business owners will pay less in taxes, which means they have more money to invest into their businesses. However, there are other things that could go wrong in the coming months. Congress is up for re-election, and the Republicans could lose the majority in both houses of Congress. If that happens, there could be stalls on the rest of the new tax plan getting through Congress and approved by Trump.
No one is quite sure what the long term ramifications will be for the small businesses with these new tax plans. There could be long term positive outcomes, and there could be negative outcomes too. We don’t know
Trump's plan is to lower the current tax rate and the standard will be doubled. There are a lot of small business owners who are confused as to how their business can be impacted. Generally, this can be good in the beginning because the lower tax means that you can get more profit. You can then use the profit in order to invest in other things.
You will also get a more updated accounting method which means that you can understand your taxes more. Of course, there are also some disadvantages like the fact that there is a loophole that is not addressed yet. There are also deductions in giving meals to employees.
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