The U.S. House Committee on Ways and Means recently held a hearing concerning the potential expiration of the 20% Small Business Deduction, which is set to end by the year's close. This development could lead to significant tax increases for over 33 million small businesses across the country.
Alison Couch, President of Ignite Accounting & Business Advisors and a member of the National Federation of Independent Business (NFIB), testified before the committee on January 14. This marked her second appearance before this body, where she represented small business interests by advocating for the deduction's permanence.
"I have practiced public accounting for 21 years and can tell you without doubt that the 20% Small Business Deduction has been the single most beneficial tax deduction for small business owners," stated Couch during her testimony.
Couch highlighted concerns about uncertainties faced by her clients regarding whether critical provisions like the 20% Small Business Deduction and reduced individual income rates will continue. She pointed out that regulatory demands from taxing authorities are consuming substantial time and resources from these businesses.
She called upon Congress to act swiftly in maintaining this deduction to alleviate pressures on small businesses.
In support of this cause, NFIB has launched a petition advocating for making the Small Business Deduction permanent, which has garnered 100,000 signatures so far.
