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Join the Fight to Stop a Massive Tax Hike on Small Businesses

September 3, 2024

Tell Congress to make the 20% Small Business Deduction permanent

Join the Fight to Stop a Massive Tax Hike on Small Businesses

What it means: Small business owners will face a massive tax hike if Congress does not make the 20% Small Business Deduction permanent before it expires at the end of 2025. Our take: “In 500 days, the 20% Small Business Deduction will expire, and taxes will increase on over 90% of small business owners if Congress fails to act. While 500 days may seem like a long way out, we are already starting to see evidence that this looming tax hike is affecting the morale and planning of small business owners,” said Jeff Brabant, NFIB Vice President of Federal Government Relations Take Action: Help stop the massive tax hike by telling Congress to make the 20% Small Business Deduction – line 13 on your IRS Form 1040 – permanent.

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The expiration date for the 20% Small Business Deduction is quickly approaching. Small business owners can find out how much they receive from the Small Business Deduction by looking at line 13 on the IRS tax form. Jeff Brabant, NFIB Vice President of Federal Government Relations, released a statement on Aug. 19, marking 500 days until a massive tax hike occurs for 9 out of 10 small businesses. The 20% Small Business Deduction was created to level the playing field between small businesses and larger corporations. NFIB’s recent “Problems & Priorities” survey demonstrates that business owners feel they are operating in uncertain times and worry as they stare at an incoming massive tax hike. “Congress can help provide certainty to small business owners by passing the Main Street Tax Certainty Act (H.R. 4721, S. 1706), making the 20% Small Business Deduction permanent,” explains Brabant. The 20% deduction has empowered small business owners to overcome the economic challenges of the last few years and allows them to invest in their businesses and employees. Small business owners can ask a tax advisor how much their business is deducting each year. NFIB recently released new video, radio, and digital ads urging members of Congress to make the 20% Small Business Deduction permanent by passing the Main Street Tax Certainty Act. Learn more at www.SmallBusinessDeduction.com. Take Action: Help stop the massive tax hike by telling Congress to make the 20% Small Business Deduction – line 13 on your IRS Form 1040 – permanent.

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Topics:

Taxes

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