The architects of the latest tax plan claim that small businesses will benefit, but experts question whether there are real tax savings. Most small business owners set up pass through entities meaning the owners pay taxes, but the businesses themselves don’t. The vast majority of small business owners already pay taxes at 25%, the new maximum rate proposed for small-business income under the proposed tax bill. Plus, if you’re a personal service provider (e.g., lawyer, engineer doctor, consultant), you won’t qualify for the 25% anyway. Read more.
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