Gary attended a trustee meeting of the National Small Business Association in Washington last Friday. A focus of the meeting was to discuss the proposed tax legislation on small business. Both the House and Senate passed their own versions. with few changes carried over from the House side.
Gary Brand and The Road Ahead: Passion vs. Planning as a Strategy Join Jared Nichols as he talks with Gary Brand, of Brand Ferland Advisors about why many startups rely on passion and await for the “big break” rather than the classic business plan; and why, even once they’re established, entrepreneurs face many unique, uphill challenges. Clip 6 of the podcast:
Our analysis of the House and Senate tax bills effect on middle-class small business owners: We have projected many of our clients’ business taxes for 2018 using the proposed legislation. On average, the House bill reduces income tax very slightly but payroll taxes significantly jump due to the forced choice of two methods to calculate wages vs. pass-through income - Ugly! The Senate bill actually reduces small business owner taxes by adopting a 23% deduction for pass-through profit (with some limitations).
