The year of 2023 is shaping up to be a rough one for small and midsize businesses. Borrowing costs are at 13-year highs, demand is slowing along with the economy and now they’ll pay more in taxes.
Higher taxes come compliments of recent Congressional legislation, primarily the recently passed omnibus spending bill. To the disappointment of many business owners, this bill failed to extend certain tax reductions stemming from 2017’s Tax Cut and Jobs Act. This decision will have long-lasting impacts.
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