Trump’s Big Beautiful Bill: What It Means for Your Business
Congratulations, small business owners, your tax cliff just turned into a tax trampoline! President Trump's One Big Beautiful Bill has made several key perks from the 2017 Tax Cuts and Jobs Act permanent. That means:
20% Qualified Business Income deduction for pass-through entities.
100% bonus depreciation for new capital investments.
Higher limits on interest deductibility.
Plus, the state and local tax deduction cap has been raised from $10K to $40K per year for those earning under $500K.
In short, some long-term tax relief is finally here to support small businesses.
However, it's not all sunshine and rainbows. The bill also introduces new tariffs on imported goods, which are expected to increase costs for small businesses that rely on foreign suppliers. These tariffs could lead to higher prices for consumers and potential disruptions in supply chains.
So, while your tax burden may have lightened, your cost of doing business could be about to rise. It's a classic case of "win some, lose some.” Meanwhile, your accountant is somewhere popping champagne over a mountainous stack of paperwork.
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