After the Tax Cuts and Jobs Act passed last December, small businesses have benefited from the reduced red tape.
The Tax Cuts and Jobs Act is a historic victory for small business. NFIB advocated for decades for a real tax cut for small businesses that would enable them to reinvest in their companies and grow their businesses.
“The Tax Cuts and Jobs Act dramatically improves the way small businesses are treated, delivering hundreds of billions of dollars in tax cuts,” says Juanita Duggan, NFIB’s president and CEO.
The small business savings are significant, from the increased Section 179 deduction, to the doubled standard deduction, to the 20 percent deduction for certain pass-through businesses. The NFIB Small Business Optimism Index has reflected this change with record high optimism ratings that were boosted by the passage of the Tax Cuts and Jobs Act in December.
Tax reform may seem like a large topic that is hard to dissect—especially for busy small business owners—but there are significant benefits that stand out from the rest. Read below to see the top tax reform highlights for small business owners according to NFIB's Small Business Introduction to the Tax Cuts and Jobs Act: Part I survey.