As the deadline for filing taxes approaches, both entrepreneurs and their employees are wondering how the tax bill Congress passed and President Trump recently signed into law will affect their returns next year. Wherever you may fall on the political spectrum, there’s no question that the changes introduced by the new law could have a significant impact on how much you owe the government — or how much the government owes you.
While most economists agree that the decrease in corporate taxes from 35 percent to 21 percent is likely to increase business investments, it’s unclear how much of the increased profit margins will go to workers. The changes in the tax law could save businesses tens of thousands of dollars — some far more — but it leaves the decision of how to use these savings up to business leaders. Some of the money could go toward year-end bonuses, but other options could be hiring additional employees or investing in newer technologies.
For entrepreneurs looking to grow their businesses, the tax law is likely a welcome opportunity to reinvest in their projects, whether it’s into their employees, equipment, advertising, or another area entirely. Here’s what a few entrepreneurs had to say about it.