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

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https://www.smallbizlife.com/blog/episode-127-how-the-federal-government-is-incentives-you-to-have-employees

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 Gusto https://gusto.com/

Episode 101 - Saving for your retirement https://www.smallbizlife.com/blog/episode-101-saving-for-your-retirement

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