Pickens Technical College’s Small Business Management course is all about putting you in a position to take advantage of favorable business climates and maximize your profits. Running a business takes a ton of skill, courage, and luck, but if you’re also smart and you know what to look for, you can find all kinds of advantages.
If you’re on the fence about learning how to manage your own company, now is the time to explore your options. Thanks to a 20% tax cut that went into effect last year for business owners, the time to take the plunge and start your own business is now.
Taking Advantage of Tax Cuts
Under the new tax law, business owners who make less than $157,500 if single and $310,000 if married and filing jointly can qualify for a 20% qualified business income deduction. Last year, over 15 million taxpayers in the US used the deduction on their returns. It’s estimated that the tax cut saved taxpayers $84.4 billion.
S-corporations, partnerships, and sole proprietorships are all eligible for the tax cut. If you don’t know the difference between those entities, Pickens Small Business Management professor Jennifer Conk-Cross can explain.
In addition to the tax cut, the Internal Revenue Service (IRS) issued a new regulation in September that defines which rental real estate can qualify as a business for the deduction.
The only downside to this new tax cut is finding out if you qualify, which is surprisingly difficult. For example, not all types of businesses qualify for the cut. Doctors, lawyers, and accountants, for example, can’t use the deduction for any amount if their taxable income is above $207,500 if single, $415,000 if married.
Now’s the Time
All this is to say that there are advantages and resources out there for small business owners. If you’ve been thinking about starting your own business, now is a good time because of the tax breaks that are set to expire by the end of 2025. Colorado is also especially friendly to small businesses, with a thriving market for just about anything and certain advantages for certain types of companies. Building and crafting a business from scratch is not for everyone, but Pickens is a great place to start if you’re thinking about learning how to run your own business.
The Small Business Management program at Pickens not only prepares students to be business owners, it also prepares you for employment in an office or business environment. So if you think you want to start your own business but you don’t know what you want to sell or how to go about it, this program can be a good way to learn the tools of the trade and get the experience to eventually create your own opportunities. Students earn the Small Business Management Certificate upon completion of the course, which often leads to more opportunities. Contact Pickens today to find out more about its Small Business Management program.