Taxes are already one of the major expenses for small business owners. Now, due to the COVID-19 hit on the economy, individual property taxes are going to soar next year.
Property tax rates in Nashville, Tenn., will be increasing by 34 percent in what Mayor John Cooper described as a “painful but necessary” move that will raise money for the city, which has taken a hit during the pandemic.
This is why MATA compiled this important report. You need to offset the increase in local taxes by decreasing your small business taxes.
Fortunately, President Trump’s new tax law has given you plenty of opportunities so save.
The new corporate tax rate is 21%, down from before
when the highest corporate tax rate was 39.6%.
In fact, there are 7 major ways that self-employed martial arts instructors and school owners can save on taxes and keep more of your money.
They’re called “loopholes” because so few people – including CPAs – know about them. But all 7 of these strategies are perfectly legal and ethical and are provided for in the new tax law.