The deduction will expire in 2025 unless Congress votes to make it permanent
Jeff Hastings, owner of Burke Brothers Hardware, an NFIB member business in Raleigh, is spotlighted in a national NFIB video featuring small business owners from across the country explaining the importance of the 20% Small Business Deduction.
The 20% Small Business Deduction (Section 199A) allows small businesses organized as pass-throughs (S corporations, LLCs, sole proprietorships, or partnerships) the ability to deduct up to 20% of qualified business income and is scheduled to expire in 2025.
In the “In Their Own Words” video, Hasting says:
“The 20% deduction is critical for our business because over the last year, we’ve invested $35,000 back into our business. That’s been able to bump up our inventory, it’s been able to add some infrastructure that was lacking, it’s been able to do some improvements into what we’re trying to do for the good of the community and our customers.”
Watch the video here:
The 20% Small Business Tax Deduction Boosts Reinvestment Opportunities for Small Business Owners from NFIB Video on Vimeo.
NFIB recently launched a campaign urging Congress to pass the Main Street Tax Certainty Act, which would make the 20% Small Business Deduction permanent for small businesses. Learn more at www.SmallBizDeduction.com.
