5 things small business owners should know about tax bills
NEW YORK (AP) — Small business owners are awaiting details of a reported Republican deal on a tax overhaul, the details of which could come soon.
The deal, which would reconcile differences in the House and Senate versions of the tax bill, may answer the question of which business owners will pay lower taxes, and how much of a break they’ll get. Both bills have raised the possibility that many owners, including professionals like accountants and consultants, wouldn’t see a tax cut.
But gains were expected for companies like builders and manufacturers; both versions of the tax bill would raise the deduction that lets many kinds of equipment purchases be written off right away.
Top GOP aides say the final House-Senate compromise is on track to be unveiled this week.