More Businesses qualify for cash-based accounting versus the GAAP standard of accrual-based accounting (up from $5M in gross receipts to $25M)
This is less accurate for judging a business’ solvency, but simpler and more accurate at seeing how much cash a business has on hand today.
The catch to all of this is that most of the personal tax cuts and provisions expire in 2025 while the corporate cuts are permanent. This tax law gives us a small peek into how the game is played…if we’re paying close enough attention.
GOP anticipating being able to ride the “low taxes” wave into a 2020 re-election for #45
This law keeps the low taxes through the presumed second term, then ends them in January 2025, just as the new president (who we can tell they are expecting to be a Democrat) takes office
Then, as taxes skyrocket and the economy crashes they can blame it on the “failing” Democrat president.
They will leverage that to try to pickup up some of the Congressional seats that they will inevitably lose over the coming seven years, and hope the story sticks long enough to win back the White House in 2028.
We should always be looking at the long game and how moves made today setup the chess board for the future. I guarantee you, that’s how the people in Washington put things together, so it’s in our best interest to look at their moves through their eyes.
The BuyBlack Resource List has over 200 links to sites that can help you build and grow your business as well.
Convert your profitable professional services company from a pass through to a C-Corp
Check with your lawyer and accountant to see if this is best for your specific business and circumstances. Do not take my word…I am not a professional…this is not legal, financial, or tax advice
How “We” Beat this System Designed to “Hurt Blacks more than Whites”
Recognize that this is all a game
You can’t win a game that you don’t know is being played
This is a huge part of “consciousness”
Being aware of the levers, pulleys, and systems in motion all around you and learning how the gears work
Once you recognize the game, you learn the rules and how it is intended to be played
Figure out how to make those rules work in your favor, then dominate the board
This is basically The Matrix
That whole movie was essentially a lesson on unleashing the intense power that we each have when we wake up and become conscious of the power systems moving the world forward
Right now, the rules are being rewritten to heavily favor the producer, the creator, the owner
To benefit, you must define yourself as a producer.
You must create value for the market.
You must build and own things with appreciating value.
It just so happens, that is exactly what BuyBlack Podcast exists to promote in our community
We are currently America’s biggest consumers; its most loyal employees; its least successful entrepreneurs
This is why using coded phrases like “tax cuts”, “tough on crime” and “reducing entitlements” can actually speak to racists AND accomplish what they want…to implement policies that disproportionately harm our community
When we learn the rules to this game, then use the existing structure to move our community from net consumption to net production, none of those things will hurt us. In fact, they will help us more than the majority because of our smaller population
This is how David slays Goliath.
He is smaller, more agile, quicker to react, adjust, switch tactics, and use weapons of opportunity
We must become a community of economic Davids
Disclaimer: I am not a Tax Attorney (or any kind of Attorney) and I am not an Accountant. This is not Tax Advice or Financial Advice. It’s just information. Please speak to one of the aforementioned experts before making ANY decisions based on the information you get from this episode.
If you have a website of any kind, you want to hire Ratel SEO to help you get found. Don’t waste another day living on the fifth or sixth page of Google, Bing, or Yahoo. Darrin is a real life SEO wizard and he will get you set and teach you so much along the way.
If you’re ready to get your business started, listen to BuyBlack Podcast Episodes 004A-004D. They’re relatively short and packed full of information to start you on the right track. If you have questions, I’m always available to help.