???
I don't think you understand. It is not the local tax that I was worried about it is my federal deductions. Like for equipment, fuel, seed, feed, etc. BYE BYE
?? Not sure your CPA is correct?
Here’s the much maligned snopes on something misunderstood in the tax bill. It explains it very well.
https://www.snopes.com/tax-bill-small-business-deductions/
Good luck trying to get that through the skulls of some on this board. Suddenly, raising taxes on the middle class is “good”, exploding the deficit is “no problem”, and vast areas of the United States are “hell holes.”
The choir can’t hear you for their own singing. I live in FL, and own two small LLCs, and I’m worried as hell. Our margins are already razor-thin, and I don’t see how we will be able to continue if our tax burden is increased.
I voted for Trump because he wasn’t the GOP, and wasn’t owned by K Street. Now, it’s obvious that K Street and the Rockefeller Republicans are firmly in charge. At least the uncertainty is gone—all that’s left is paying the CPA to run the numbers and praying there will be something left for us evil capitalists.
Are you saying you pay tax based on your gross income, not your net income?
“I don’t think you understand. It is not the local tax that I was worried about it is my federal deductions. Like for equipment, fuel, seed, feed, etc. BYE BYE”
I call BS!
You buy feed.
You spent ‘x’ amount of money on it, so you have a net income of ‘y’ - ‘x’ = ‘z’
Your argument is: I no longer can reduce my income by deducting ‘feed’ and the like.
In essence, your new equation is: Income ‘y’ (let’s call it $300,000) = Net ‘z’ even though you spent $225,000 on expenses ‘x’. Your CPA says you pay tax on $300,000 rather than $75,000.
As I stated: pure BS.