There’s no denying taxes are a complicated topic. To try and explain every contributor, every effect, or every nuance that goes into how tax returns are determined and whether or not a refund is given would take an encyclopedia of words—far more space than we have here. And that’s without yearly changes to the tax code or major reforms prescribed by the Affordable Care Act or the Tax Cuts and Jobs Act.
Leading up to tax season, American taxpayers waited with bated breath. How might the latest bit of legislation affect taxpayers across the country, specifically small business owners?
Tax data is still being recorded and crunched by the IRS, so it’s hard to know for sure, but we wanted to get a feel for how American small business owners with employees and self-employed business owners (those without employees) felt after turning in the latest batch of taxes—the first to be filed under President Trump’s Tax Cuts and Jobs Act.* Here’s what they had to say.