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Small Business Owners Say Taxes Are Their Biggest Worry

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The NFIB Small Business Optimism Index increased for the first time this year, but taxes and uncertainty remained a concern as worries over inflation faded.
The article from Investopedia discusses how tax considerations are increasingly at the forefront for small business owners, particularly in light of recent changes to the tax code. It highlights that the Tax Cuts and Jobs Act (TCJA) of 2017 introduced several provisions affecting small businesses, such as the qualified business income (QBI) deduction, which allows certain business owners to deduct up to 20% of their business income. The article also notes the importance of understanding new tax brackets, changes in depreciation rules, and the potential impact of these changes on business planning and financial strategies. Additionally, it emphasizes the need for small business owners to consult with tax professionals to navigate the complexities of the new tax environment and optimize their tax positions.

Read the Full Investopedia Article at:
[ https://www.investopedia.com/taxes-now-front-of-mind-for-small-business-owners-11751422 ]