Tax Cuts and Jobs Act Impact on Small Businesses

SOURCE www.breitbart.com
American small businesses are struggling with tax preparation ahead of Tax Day, with many spending hours on filing. The Tax Cuts and Jobs Act (TCJA) has been beneficial for small businesses, leading to job creation and economic growth. The pending expiration of the TCJA could have negative consequences, and there are calls for its extension to continue the benefits for small businesses.

Key Points

  • TCJA has led to job creation and economic growth for small businesses
  • Tax provisions benefiting main street businesses need to be extended
  • Congress should act to continue the benefits of the TCJA for small businesses

Pros

  • TCJA has led to job creation and economic growth for small businesses
  • Small businesses have been able to provide bonuses, wage increases, and other benefits to employees due to tax cuts
  • Provisions like the pass-through deduction and immediate expensing have encouraged capital investments and job creation

Cons

  • Tax preparation is time-consuming and takes away from business productivity
  • Pending expiration of the TCJA could have negative effects on small businesses
  • Congress needs to take action to extend the tax relief provided by the TCJA