NFIB Wisconsin recently held a virtual webinar with Director of Federal Government Relations Josh McLeod about the 20% Small Business Tax Deduction and Beneficial Ownership Reporting/FINCEN.

As discussed, it’s vitally important that all small business owners take action NOW to avoid the elimination of the 20% small business tax deduction when it expires in 2025. NFIB is working hard to ensure these tax cuts are made permanent. You can get involved in a number of ways:

1. Sign the petition if you have not done so already! The link is here: Small Business Advocacy – Take Action Now! | NFIB.
2. Once you have signed the petition, make sure that your member of Congress is aware of how this tax deduction has impacted your business but, more importantly, how it would affect your business if it were to expire: https://www.nfib.com/advocacy/now/?vvsrc=%2fcampaigns%2f106664%2frespond.
3. If you have a story to share, we would love to hear it! We are gathering stories from across the country of small business owners who have made critical investments in their businesses as a result of this tax deduction.

Another issue we are working hard on in D.C. is the Beneficial Ownership issue, which calls for every business in the US with 20 employees or less to register with FINCEN before 12/31/24. Our federal team is working to inform Congress of the consequences of this mandate, and our Small Business Legal Center has also filed suit to halt its implementation. You can also take action by sending a message to your member of Congress: Small Business Advocacy – Take Action Now! | NFIB.

Please contact Grassroots Manager Liz Roe at liz.roe@nfib.org if you have questions about the recent webinar or want to share your story.