‘Big, beautiful bill’ how can you affect small businesses

President Donald Trump’s “big, beautiful bill” passed the House on Thursday, 218-214. (Even the Domino pizza is a styling tracker The White House website – “We’re preparing for your tax deductions …” It is written.)

President Trump is expected to sign the bill on July 4. Is passing through the houseHouse Speaker Mike Johnson (R-Louisiana) said, “What will be the more appropriate time for the United States to pass a bigger, beautiful bill for the United States than Independence Day?”

Bills on 887 pages Consists of deductions in taxes and expenses Affect small businesses.

Related: Government changes are coming for small businesses – what do you need to know

On Fox News ”Morning with Maria“On Wednesday, CPA and small business owner Jean Marx said the big winners of the bill are small businesses. “

“I think it will have a huge impact on business development in this country,” said Marx. “There are some tax provisions in this bill, investing in capital equipment, spending on research and development, exemptions for (increasing) state taxes, (and) all of them have been made permanent, which means that small businesses do not change in their business, sell in their business, or change the rules.”

On True socialPresident Trump said to him: “The most fruitful bill so far.”

Here are some important items that affect large and small businesses:

Corporations

The tax deduction and jobs act will be permanent in tax breaks, which allow businesses to eliminate research and development costs.

When the committee voted in favor of a permanent deduction in 2017, he said that these provisions would provide “small businesses, manufacturers and farmers with the confidence and confidence of promoting another Trump economic rise through new investment and job creation.”

“Families and workers will save money for low tax rates, a major credit for children’s tax, and President Trump’s tax priorities: Relief from taxes for the elderly, no tax on indicators, no tax on overtime salary, and no tax on US tax. The committee wrote On his website in May.

Building and construction

Businesses will be fully and faster to cut the cost of building new manufacturing facilities. According to Associated builders and contractors (ABC), which represents 23,000 members and “millions of” construction workers, says the website says that the legislation includes several tax provisions that will “directly benefit the contractors.”

“Tax assurance and pro -development policies are not a policy summary for construction businesses,” said Kirsten Swingen, Vice President of Government Affairs ABC.

Franchisees

Bill has been supported International franchise association (IFA) President and CEO Matt Heller told Businessman In June, the tax provisions in the bill will “have a very positive impact on the US 830,000 franchise small business owners and their nine million employees.”

Related: What is the meaning of ‘a, big, beautiful bill’ for the franchise industry

“IFA, our member brands and franchise owners have been focused on ensuring permanent taxation, Heller said. “IFA thanks President Trump for the importance of protecting the franchise in front of small business owners and the center, and that the lawmakers have to get this bill in line for their work.”

Eliminates taxes on indicators

In professions where workers receive indicators (restaurants, bars, beauty services, etc.), taxes will not be taxed as a taxable income. There are some warnings, though: this supply expires in 2028, and the deduction is closed at 25,000.

Exemption only applies to federal income tax, which means that the state and local income and payroll tax will not be applicable. Nos, in the new Senate version Of this bill, in a year, 000, 150,000 or more earning workers (for combined filers, 000 300,000) are exempt.

No tax on the overtime

The White House estimates show that employees who work over time times will save up to $ 2,000 annually with the bill annually.

In a statement, the concerned builders and contractors said, “Exception from the Federal Income Tax from the overtime salary provides direct, meaningful aid to the hard -working men and women of the construction trade, which benefits the long time in the place of job.”

However, the AP reported that the bill Does not eliminate taxes On the benefits of social protection.

Deduction in interest

Bill shows that instead of To calculate with ebit –

State and local tax (salt) deduction

Cape on Federal Dear for State and Local Tax (Salt) Will grow Starting in 2025 to $ 10,000, 000 40,000. Tax FoundationThis will benefit basically high earners.