Small businesses are a key driver of the U.S. economy. When small businesses succeed, so does the U.S. More than 99 percent of U.S. businesses are small businesses, and they employ a full 48 percent of the American workforce. In December 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, giving these entrepreneurs and the rest
Read moreIRS issues proposed regulations on new 20 percent deduction for passthrough businesses The Internal Revenue Service issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the deduction for qualified business
Read moreBefore the Tax Cuts and Jobs Act (TCJA), the U.S. had one of the highest statutory corporate income tax rates in the developed world at 35 percent. Now, the federal corporate income tax rate sits at a much more competitive 21 percent, which brings the combined average state and federal tax rate (25.7 percent) closer to the average for developed
Read moreThe historic small business tax cuts, including a new 20 percent deduction on earnings and immediate expensing of business investments, are giving small business owners long overdue tax relief. Businesses around the country are using their tax cut savings to raise wages, hire new employees, and expand. Six of the 10 components that make up the small-business optimism index increased
Read moreAmerican small businesses are under attack by over-taxation, over-regulation, and lack of access to credit. According to a recent Job Creators Network nationwide poll of small business owners, the vast majority of respondents said the current tax and regulatory climates are preventing them from expanding and creating jobs To address these issues facing small businesses and finally bring them and
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