21 Hats Podcast

Dashboard: A Big Beautiful Win for Small Businesses?

Jul 7, 2025
Gene Marks, a CPA and small business advocate, dives into the recent tax changes from Trump's legislative proposal, pointing out the newfound tax certainty for business owners. He details the small business deduction and estate tax exemptions while encouraging owners to take responsibility for managing tariff complaints. Marks emphasizes understanding the nuances in economic policies that affect healthcare and inflation. The conversation balances optimism with the realities of navigating current financial uncertainties.
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INSIGHT

Tax Certainty and Tariff Chaos: What Small Businesses Need to Know Now

The big win for small businesses in the new bill is tax certainty with key provisions made permanent, including a 20% pass-through deduction, 100% bonus depreciation on capital expenditures, immediate deduction for R&D costs, and a significantly increased estate tax exemption.

Gene Marks highlights that these permanent tax measures allow business owners to plan long-term investments and hiring decisions confidently.

On the other hand, tariffs remain a complex and uncertain challenge, especially with President Trump's unpredictable approach and the upcoming end of the Liberation Day tariff pause, creating risk and disruption for businesses reliant on imports, especially from China.

Gene asserts that business owners who failed to anticipate tariff impacts and diversify supply chains have no one to blame but themselves, emphasizing the importance of having a proactive Plan B to survive tariff pressures.

Despite differing views on social costs and policy, the combination of tax stability and tariff uncertainty defines the current environment for small businesses.

INSIGHT

Permanent Tax Benefits For Businesses

  • The new bill makes major tax benefits permanent for business owners, including a 20% pass-through deduction.
  • This permanence allows businesses to plan long term with more certainty and confidence.
INSIGHT

Indirect Tax Benefits Explained

  • The bill includes indirect tax benefits by exempting the first $25k of tipped income and overtime wages from tax.
  • These provisions create financial incentives for both workers and employers.
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