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indicates this is no small task. Most small business owners spend at least 12 hours preparing and filing taxes, with one-fifth of respondents spending at least 36 hours. The hours and resources it takes small businesses like mine to file is time that otherwise could be spent making our businesses more productive and successful.
For small businesses, the Tax Cuts and Jobs Act, which President Donald Trump signed into law in December 2017, was nothing short of transformative. Provisions, including a 20 percent pass-through deduction and immediate expensing, acted as a catalyst for main street. The elements encouraged capital investments and allowed entrepreneurs to keep more of their own money, with financial savings fueling job creation, wage increases, and expansion.
A report from the Congressional Budget Office uncovered that on top of contributing to one of the strongest economies in half a century prior to the pandemic, the legislation corresponded with tax revenue levels thatIf Congress doesn’t act, these tax provisions that benefit main street and subsequently create a rising tide that lifts all boats will end next year. Lawmakers must put aside partisan divisions and come together to do what’s right for small businesses and extend this tax relief.
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