The Ohio business universe is impressively diverse. The state’s commercial climate is centrally marked by a healthy mixture of enterprises that range widely in type and size.
Like other states, Ohio is home to a large and ever-growing number of small businesses run by smart entrepreneurs. Reportedly, there are 40 million-plus so-called “independent” workers across the country, with the Buckeye State having more than its fair share. Those individuals are true freelancers, owning their own businesses as sole proprietors, independent contractors or self-incorporated entities.
The margin of error is understandably small for them, requiring industry survivors to be vigilant in identifying and taking advantage of opportunities to save and profit.
It is unlikely that many aspiring and current self-employed business owners remain in the dark concerning recent federal legislation that targets their demographic. The 2017 Tax Cuts and Jobs Act has garnered widespread media play for benefits it promises to eligible commercial players.
To wit: a most-impressive 20% deduction in earned income can now be claimed for qualifying small businesses. Industry commentators uniformly underscore how key that offset should likely be as a shot in the arm for legions of would-be and ongoing American enterprises. One analyst predicts that it will “be absolutely an accelerator for that segment of the market.”
Taking advantage of the new law’s wrinkles requires a full understanding of its details, though, and many business players are clearly dealing with a steep learning curve in that respect. One recent study of the legislation reveals that more than 80% of small business owners are relatively in the dark concerning how the law can benefit their enterprise.
It’s obviously going to take some time for the fog to collectively lift for the population that can benefit most from the new tax system. Business principals with questions concerning recent tax legislation can contact a proven commercial law attorney to discuss strategies and related matters.