Sep 7 (edited) β’ General discussion
What's the Impact of the "Big Beautiful Bill" on Small Businesses?
Part 2 ----->
π€ Higher tax break on state/local taxes
People who live in states with high taxes (like California, New York, or New Jersey) can now deduct more of those payments on their federal tax returns. This doesnβt change how much you owe your state, but it can lower your federal tax bill. For small business owners, this might free up money that would otherwise be lost to double taxation. Itβs especially helpful if you own property or pay high state business taxes. Think of it as an extra bit of relief in high-tax areas.
π§ Childcare help for employers
Businesses now get a bigger tax break if they help cover childcare for their employees. That means you could offer childcare benefits and have the government help you pay for it through tax savings. Families can also put aside more pre-tax money for daycare or after-school programs. This helps both sides: employers can attract and keep staff, and employees save money on childcare. For a small business, offering this perk might give you an edge in hiring and keeping good people.
π Green energy rollback
The bill removes or cuts back tax incentives for solar panels, wind projects, and other renewable energy. If your business was planning to βgo greenβ with solar panels, the savings wonβt be as generous as before. For businesses in industries that rely on clean energy, this could mean slower growth or higher costs. On the other hand, traditional energy costs (like oil and gas) may remain lower. This is a mixed bag depending on where your business fits into the energy picture.
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What's the Impact of the "Big Beautiful Bill" on Small Businesses?
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