According to the National Federation of Independent Businesses (NFIB), the state of the current economy is the best it’s been in over thirty years for businesses nationwide. This is largely due to new economic policies put into place by Trump’s Tax Cuts and Jobs Act, including business tax deductions, and less government regulation.
Does your business qualify for these business tax deductions, and how do they work? National Business Capital & Services’ financing advisors broke down the plan to answer these questions:
Under Section 199A(a) of the new tax codes, nearly all types of pass-through businesses qualify for the new business tax deductions, which include:
These business tax deductions do not apply to business owners who are married and make over $315,000 in annual business income, and $157,500 if single. Nearly all service-oriented businesses are eligible for Trump’s business tax deductions, with the exclusion of engineering companies, law practices, and architectural businesses.
With over 90% of all businesses in the US falling under the category of “pass through entities,” Trump’s Tax Cuts and Jobs Act is one of the most beneficial pieces of legislation to the small business economy in many years. These benefits include:
Small business owners aren’t the only ones feeling the benefits of Trump’s new tax plan. The Tax Cuts and Jobs Act lowers lowers the tax rate of C corporations from 35% to 21%, which is the lowest the corporate tax rate has been since 1939. With lower taxes than ever before, opportunities to grow and expand C Corporations are sprouting across the country.
National’s financing advisors are currently working with C Corporations to secure financing options that help seize opportunities for growth, including commercial mortgages, small business loans and franchise financing.
With less financial strain due to reduced taxes and deregulation, the Tax Cuts and Jobs Act is giving business owners the ability to grow and expand their businesses in ways they haven’t been able to for many years.
According to NFIB’s Small Business Economic Trends Survey taken in January, 2018, 32% of small business owners are saying that “Now is a Good Time to Expand—” the highest recorded percentage since the survey’s creation in 1973.
Data collected from NFIB’s Small Business Optimism Index scored small business’ optimism in the US with 106.9 points as of January 2018, which is the highest score since the economic collapse of the early 2000’s.
The financing advisors at National suggest making sure you secure the capital necessary to take full advantage of this incredibly exciting time for the US economy, and join in on the ongoing success story of small business owners nationwide.
Contact one of National’s expert financing advisors at (877) 482-3008, available 24/7 to answer any questions, and advise you on how to take advantage of Trump’s business tax deductions. Or, fill out National’s 1-minute application online, and receive funding in as little as 24 hours.
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.