In praise of tax deduction National Small Business Week was April 30-May 4. It represented an opportunity to celebrate small businesses that have succeeded in today’s competitive and fast-changing …
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National Small Business Week was April 30-May 4. It represented an opportunity to celebrate small businesses that have succeeded in today’s competitive and fast-changing economy. It was also a chance to recognize the integral role small businesses play in our communities and economies. Small businesses not only create about two-thirds of all new state jobs, employing a million Coloradans, but they also create products and services that improve our standards of living.
Entrepreneurship is more than just a way to make a living. It’s also an opportunity to live life on your own terms and to achieve the American Dream. This is why I’m excited about many aspects of the new federal tax code, which delivers the biggest small business tax cut in the nation’s history. This will allow more small businesses to succeed.
The tax cuts passed late last year by Congressional Republicans offer a new 20 percent tax deduction for small businesses, including sole-proprietorships. This allows these entrepreneurs to protect 20 percent of their revenues from the IRS and use the funds to invest in their businesses to make them more competitive and viable. For my small company, that is a big deal.
I’ve seen many small businesses just barely fail financially in my career. Often, they are just one investment or one product upgrade away from succeeding — a few thousand dollars short. This tax deduction will save these marginal small business, and save their owners’ dreams in the process.
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