You might be shocked to learn this. The government loves when you hire employees. It has many benefits for them and the people you work with. They love it so much, in the tax law that past called Tax Cuts and Jobs Act of 2017, they created a special tax deduction to help make sure that your business pays out wages once it becomes profitable.
Join Kristin and Jeff as they look at this new tax deduction, That can reduce your small biz profits by 20%. However, beware if you do not have wages and you make 1 dollar too much... It can cost you the entire deduction.
As a business owner, no one knows your business better than you do. That's why you need to know the basics of income taxes.
I know. I know.
It's worse than a root canal.
So is paying too much in taxes because you don't know the rules. Yeah, that hurts, too.
Spend some time with Jeff and Kristin as we answer questions from small business owners. Some of the questions include: