Small Business Owners Urge Congress to Save the Deduction by Taking Action Now
The 20% Small Business Deduction, a critical tax relief for small businesses, is set to expire next year unless Congress acts. NFIB President Brad Close emphasizes the importance of making this deduction permanent to provide small business owners with the tax certainty needed to make important business decisions for the future.
Over 100 NFIB members will be meeting with legislators next week in Washington, D.C. to advocate for small business issues, including the Small Business Deduction. You can join other small business owners in urging Congress to stop a massive tax hike by sending emails to your legislators explaining why saving the Small Business Deduction is crucial.
Small business owner Michael Ervin of Coal River Coffee Co. in WV highlights the impact of the Small Business Deduction on his business growth and community contributions. Since 2018, small businesses have been able to benefit from this tax relief, allowing them to deduct up to 20% of their qualified business income. Check with your tax preparer or review line 13 of your IRS 1040 Form to see how much you have saved through this deduction.
Without Congressional action, small business owners could face a significant tax increase as the Small Business Deduction is set to expire at the end of 2025. By making the deduction permanent, small business owners can continue to invest in their businesses, employees, and communities. Share this article with other small business owners and take action now to make your voice heard in Congress.
Make Your Voice Heard: Take Action Now