Latest Tax Relief News for Small Business
For years, small businesses have counted tax issues among five of their top ten problems, according to NFIB’s Small Business Problems and Priorities survey. The tax relief bill presented the biggest tax overhaul in more than three decades, and it dramatically improved the landscape for many small businesses.
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Top 5 Tax Cut Wins
1.Small Business Deduction:
20% deduction of qualified business income
2.Individual Tax Rates: Reduces individual
rates and expands income thresholds
3.Corporate Taxation: Corporate tax rate reduced to 21% and corporate alternative minimum tax repealed
4.Section 179 Expensing: Raised from
$500,000 to $1 million per year
5.Obamacare Individual Mandate:
Penalty for noncompliance repealed Jan 1, 2019
