Small Biz Life

Join Kristin and Jeff as they look at this new tax deduction, that can reduce your small biz profits by $20,000.  However, beware if you do not have wages and you make 1 dollar too much... It can cost you the entire deduction. How the government is incentivizing you because of tax reform of 2017 Deduction tipping point based on all income sources in the household If your business profit is $100,000 you will get a $20,000 tax deduction If you can get the deduction and you exceed the tipping point of household income IRS has not determined if the shareholder's wages for corporations will count as of the recording of this episode on 2/16/2017 Why the Federal government wants you to have employees? Dangers of having large clients for businesses. Benefits of converting subcontractors to employees Misconceptions of hiring subcontractors What you must have to get started For complete show notes check out the podcast on SmallBizLife.com Links ((((((((((((((((((((((((((( Visit Show notes )))))))))))))))))))))))))