Side Hustle Show 272, how the new tax law impacts entrepreneurs and

side hustlers.

What's up, what's up, Nick Loper here.

Welcome to the Side Hustle Show because it's not what you make,

it's what you keep that matters. So late last year the United

States Congress passed a new tax law, largely billed as a tax cut. Hey we're going to put

money back in the people's pockets, but as you hear in this episode, there's a little more to it than that.

Uncle Sam giveth and he taketh away.

To help me walk through the ins and outs of the new rules is our resident tax expert

Mr. Josh Bowerly from CPA on fire.com.

Of course, these tax changes, like pretty much everything the government does these days,

did not come without controversy. Proponents say they'll essentially pay for themselves in the form of stimulating

economic growth. Historically though a revenue neutral and especially a revenue

positive tax cut on this scale is hard to find. I did a little homework on that, a little

economist's research, but you're welcome to fact check me on it. In fact, some

nonpartisan estimates say this round of changes could add 500 billion to a trillion

dollars to our deficit over the next 10 years. But regardless, it is the law of the land and what Josh and I are trying to do in this episode is shake out the most important changes impacting the bottom line for you, your family, and your business.

Note some links for this one along with a free downloadable PDF highlight reel summary

are at side hustle nation.com slash taxes 2018, taxes zero one eight now of course a basic understanding of the

tax laws and a trusted tax advisor are a couple important resources to have in your

toolbox but there's another one you should know about that's recommended by

97% of small business owners and that's Fresh Books. Freshbooks.

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