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Among her plans is a proposal to expand the tax deduction for starting a small business from its current “Increasing the start-up tax deduction from $5,000 to $50,000 could be a major benefit to start-ups and I applaud the campaign’s promise to give leeway to claiming the deduction until the business is profitable Chief among those: the 20 percent qualified business income deduction for pass-throughs and the income “The expiration of the pass-through deduction will result in a significant tax hike on millions of small

key priorities which NSBA has fought for, including allowing Section 174 expenses to be retroactively deductible highlighting and prioritizing: a retroactive reinstatement of non-amortized research and development deductions for the 2022 and 2023 tax years, extended through 2025; and an increased limit on depreciable asset deductions

notably the issue of immediate R&D expensing, with domestic Section 174 expenses set to be retroactively deductible Other Key Provisions: Congressional leaders additionally included an increase in Section 179 deductions , raising the maximum allowable deduction from $1.16m to $1.29m, allowing an additional $130,000 in possible deductions.

This bill contains a provision that would restore the Sec. 174 R&D tax deduction that would provide much-needed SBTC will continue to push the Senate to pass a fix to the Sec. 174 R&D Tax deduction, and we will keep priorities which NSBA has fought for, like allowing Section 174 (R&D) expenses to be retroactively deductible

the tax code, which became effective in 2022, requiring small businesses to amortize R&D investment deductions over five years, rather than being able to deduct them as an expense in the year that they are made. to Congress outlining concerns with the 2017 change and urging reinstatement of an immediate, annual deduction

Thanks to our advocacy, the bill retroactively reinstates non-amortized research and development deductions Additionally, it raises the limit on depreciable asset deductions by $290,000 under Section 179.

concern to be action on extending expiring tax provisions, with a tax-specific Priority of extending the 199A pass-through deduction coming in as the second highest concern facing Small-Business owners.

Some of the topics covered were SBIR reauthorization, Sec. 174 R&D Tax Deduction legislation, issues handouts we distributed during the meeting: SBTC 2024 SBIR Reauthorization Handout SBTC Sec. 174 R&D Tax Deduction

NSBA urges Congress to allow self-employed individuals to fully-deduct the cost of their health insurance

key priorities which NSBA has fought for, including allowing Section 174 expenses to be retroactively deductible “This bill has several important pieces for America’s small businesses: an increase in Section 179 deductions

RELATED | BRIEF | Reinstate the Annual R&D Deduction Read the full letter to Senator Ernst here, and

Following release of the 2023 inflation adjustments for health savings accounts (HSAs) and high deductible The maximum annual out-of-pocket expense limits for high deductible health plans for self-only and family