I’ve been a small business owner for the last two years, I was an employee of the same business before that. I make significantly more in income as the owner, I pay significantly less in taxes as the owner as well, since I can write things off with the business, and my accountant can be more creative with deductions and write-offs as a business owner.
I believe this even with the .8% increase in annual taxes I might have to pay with Biden or whatever it ends up being when my accountant dissects it.
God bless America is correct, but if you make more money and pay less taxes currently and have only owned the business for 2 years, you're going to really hate the first time you get audited Mr. New Business owner. If you own a business and believe your taxes will only go up .8% under Biden, I'm fairly sure you shooting a bit low if you read anything about what the administration has proposed on increased taxes and tax deduction reform, even to smaller sized small businesses or pass through business entities.
I'm not sure what state you're in, but Kentucky adds more and more auditors every year to find business accountant's creative accounting. Back Taxes To Be Paid, Check. Potential Fines To Be Paid, Check. Future Unscheduled Audits Will Continue To Happen, Check.
Every business owner wants to reduce the taxes they pay, but I've had friends of mine in the same industry as myself who've had accountants doing the wrong things that even I not being an accountant knew were fishy. Numerous times its came back to bite those business owners in the *** and the perceived "tax savings" they were getting was just a small dollar amount as compared to the fines and back taxes they were forced to eventually pay.
Unless Ron Mehico is Jeff Bazos, just be careful because every business gets that audit call from the state at some point.