What will the end of the Tax Cuts and Jobs Act of 2017 mean to small businesses? By Deborah Jeanne Sergeant Michael J. Reilly, certified public accountant and consulting partner at Dannible & McKee, LLP. The possible sunset of the Trump era Tax Cuts and Jobs Act of 2017 (TCJA) may affect small businesses in ways that business owners have not yet considered. The TCJA is slated to end in 2025 unless Congress intervenes. “We don’t know what will happen,” said Michael J. Reilly, certified public accountant and consulting partner at Dannible & McKee, LLP, headquartered in Syracuse with additional offices in Auburn, Binghamton and Schenectady and Tampa, Florida. “Biden has said that nothing would change for those under $400,000. Trump talks about keeping these measures and expanding them—and not only for the higher incomes, but the middle class too.” Reilly said that the largest impact from an end of the TCJA on small businesses would be the end of the qualified business income deduction. The QBI deduction provides for a 20% deduction against business income effectively lowering taxable income for many small businesses such as sole proprietors and owners of pass-through entities. For example, for taxpayers in the top federal (more…)

‘There’s nothing a business can do to grow if they don’t have a solid financial foundation or the clarity in their finances,’ she says By Deborah Jeanne Sergeant File clerk.…