Small
companies
across
the
United
States
have
recently
sighed
with
the
signature
of
the
great
legislation,
which
has
been
made
permanent.
The
National
Federation
of
Independent
Business
(NFIB)
expressed
its
deepest
gratitude
to
President
Trump
and
Congress
for
implementing
essential
tax
exemptions
that
many
small
business
owners
are
essential
for
growth
and
sustainability.
«This
is
a
historical
victory
for
33
million
US
small
business
owners,»
said
Brad
Close,
chairman
of
NFIB.
We
strengthened,
”CLOSE
added.
The
cardiac
rate
of
this
bill
is
a
20%
small
business
deduction
established
in
2017.
This
deduction
allows
small
companies
to
deduct
a
large
portion
of
their
income.
This
provision,
which
faced
the
expiration
deadline
at
the
end
of
the
year,
was
important
for
many
business
owners.
Without
immediate
legislative
measures,
taxes
for
millions
of
small
companies
would
have
soared.
One
Big
Beautiful
Bill’s
enactment
now
allows
this
beneficial
tax
deduction
to
be
permanently
maintained.
Beyond
the
preservation
of
tax
deductions,
this
law
introduces
additional
provisions
designed
to
ease
the
financial
burden
on
small
business
owners.
One
important
improvement
is
to
increase
the
upper
limit
of
section
179
from
$
1.2
million
to
$
2.5
million.
This
change
allows
small
companies
to
fully
buy
business
equipment
in
the
first
year.
For
small
business
owners
who
are
watching
major
purchases
such
as
vehicles,
machinery
or
technology,
this
provision
can
promote
easier
upgrades
and
expansion
without
the
burden
of
long
-term
depreciation.
This
law
also
permanently
reduces
the
marginal
tax
rate
in
2017.
This
is
important
because
about
90%of
small
businesses
operate
as
a
passing
organization,
so
that
the
C-enterprise
does
not
decrease
and
pay
taxes
at
the
personal
income
tax
rate.
If
left
unpaid,
seven
marginal
income
tax
rates
are
expected
to
rise,
and
this
protection
is
a
welcome
barrier
to
sudden
tax
hikes.
The
legislation
also
raises
the
exemption
from
small
business
real
estate
taxes
and
permanently
sets
a
new
threshold
for
$
15
million
for
individual
submersiors
and
$
30
million
for
co
-submissioners.
This
adjustment
can
be
a
great
help
to
family
-owned
business,
and
it
can
allow
a
smooth
transition
to
a
soft
ownership
without
the
imminent
threat
of
real
estate
tax.
The
new
law
offers
significant
benefits,
but
small
business
owners
should
consider
potential
challenges.
Aggressive
tax
code
changes
can
cause
complexity
and
uncertainty
for
business
owners
who
are
still
concerned
about
future
tax
scenarios.
They
can
consult
with
tax
experts
to
effectively
explore
these
changes.
In
addition,
to
implement
these
tax
changes,
it
is
necessary
to
track
the
financial
indicators
to
fully
utilize
the
available
deductions.
Many
small
business
owners
have
already
been
pressed
over
time,
so
adopting
efficient
accounting
practices
or
investing
in
accounting
software
may
be
necessary
to
take
advantage
of
the
new
bill.
It
is
important
to
maintain
information
on
new
regulations
and
meaning
as
it
explores
this
evolving
environment.
Close
said,
«In
this
discussion,
the
participation
of
small
business
owners
was
pivotal
to
providing
this
victory.»
One
big
beautiful
legislation
is
an
important
step
in
allowing
small
businesses
to
thrive,
grow
and
contribute
to
a
broader
economy.
By
guaranteeing
long
-term
tax
benefits,
the
employer
can
plan
a
more
prosperous
future.
For
more
information
on
the
law
and
its
impact,
visit
NFIB’s
original
presentation.
here.
Image
through
NFIB
