The new tax law has both benefits
and pitfalls for both business owners and regular taxpayers.
I warned business owners about this new tax law; some listened and some did not. There are many benefits for both business owners and the general working public, but there are also pitfalls too. Consider this; both sides of the political party was in favor of this new law. Why? Because it would bring in more money in taxes. So how does a tax cut, a break in our taxes, create more revenue for the government?
Here's a video by one of my favorite tax experts, Karla Dennis to answer the question. In this brief interview, she earlier warned (those who are commonly called) "W-2ers", in that they will have sticker shock when they need to file their taxes this year. So many deductions have been eliminated.
Tax deductions were also eliminated for business owners too, but I am sharing this video to confirm that it is soooooooooooooo important for everyone to have any type of home business to protect themselves, so they can have more control where their money goes.
Watch the video and then stay tuned to this blog and ask me how to have your own business and which might be right for you. If you have a business, read below after you watch the video.
Also, if you already own a business, there are so many ways to save and capture monies you already have but aren't able to access, without a firm or someone like ASK Business LLC. (You can read earlier blogs for ideas and services; most are free and then contact us).