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5 Key Things To Know About How The Tax Bill Will Affect Your Hustle
In case you missed it, Mr. President just signed a highly debated tax bill into law.
If you're anything like I am, you've been wondering what that means for your side hustle, full-time hustle, or even hustle-to-be. I have to admit, the rumblings about the rich getting richer while the poor get poorer made me sick to my stomach. It felt like this might be just another systematic hurdle to get over, not only for myself but for my people – for my culture.
As a recent grad, entrepreneur, and employee, I had a lot of questions. Would this new plan make it nearly impossible for me to launch my own business? Would my salary be affected? Would there be hidden factor and loopholes that might stand in the way of me achieving my goals? Would I even be affected?!
The answer is yes – we all will be affected by this new law – one way or another. Depressing, right? Wrong!
We may not be able to stop this plan anymore, but we can certainly outsmart it. With all the controversy and opinion surrounding the new tax plan, it's that crucial our generation of lady bosses understand the pros and cons of the plan, and begin to take actionable next steps so we can live our best life. Below you'll find 5 things to keep in mind about how the tax bill will affect your grind, and what you can do to deal with it.
No one said being a hustler was easy, but it's time to boss up.
1.You, Inc.
It's no secret – this tax plan favors big businesses over "the little guy." While I'd hoped this was all hearsay, unfortunately there's a lot of truth behind it.
This new bill declares that businesses get permanent tax cuts while individuals benefit temporarily until 2025. The bill has also permanently cut corporate taxes from 35% to 21%, which means that all my freelance divas might run into some issues next tax season. No matter what tax bracket you fall under, it might be more financially sound for all you freelancers and early startup founders to think of yourself as well: You, Inc©. Instead of claiming your freelance dollars under your personal name, start restructuring, and think about considering your own income your businesses income.
2.Non-Profits
Okay, not-so-good news. The nonprofit industry is getting hit, and getting hit hard.
According to this new law, taking the standard deduction won't allow for you to deduct charitable donations. This means that donations to your favorite charities, and potentially your business, are no longer tax deductible. I'm still grappling with this one as it's certainly one of the hardest pills to swallow when thinking about the effects on our communities and hustles. This will hurt both for-profit businesses committed to giving back, as well as non-profits who rely on the generosity of individuals and like-minded companies. In turn, non-profits will be forced to think about restructuring… sound familiar?
3.S Corps
Where my S corp ladies at? Hey. Now that I have your attention, it might be time for you to consider restructuring (word of the day) to become a C corp.
You see, S corps and LLCs fall under what is considered a pass-through income. That means that you get taxed under your personal rate as opposed to your business income. In this new system, all the tax reasons you chose to become an S corp in the first place (ahem tax breaks) may no longer exist. Since this plan gives big businesses (C corps) a significant deduction over individual and pass-through income, it might be time to think about switching your game plan.
4.Healthcare
Healthcare has to be part of the conversation when we talk about our businesses. The reality is, whether we are the employee, or the employer, healthcare plays a huge role in who we work with and how long we work with them.
Being at a job with lacking healthcare is stressful, while on the other side, shelling out cash for your employee healthcare hits CEO and Founder wallets hard – especially in the early startup phases. This new bill reverses the health insurance mandate, meaning that every American is not required by law to have health insurance that meets the minimum standards starting in 2019. It's expected that almost 13 million American will lose healthcare due to an increase in pricing under this provision. Having a conversation about the importance of being insured is essential, so make sure to make it known where you stand when it comes to your health insurance.
5.End Game
As much as I hate to say this, this new tax plan will set a lot of people forward before setting them back. That's what's so tricky and absolutely crucial to understand.
Most Americans will actually see tax breaks between the 2017 and 2025 when temporary breaks expire. That's why we have to starting thinking now about our end game; how to restructure our lives so we can move forward without unwanted surprises when everything is said and done. If you're a hustler, knowing how to navigate this bill – both professionally and personally will be everything. Over the next 7 years, make sure to keep track of your individual bracket and if you have the resources, consult with the professionals. When you can, use the preference of business to benefit not only yourself, but your community and your employees. If we keep up with it, this thing won't stand a chance at beating us.
P.S. You can read the FULL healthcare bill right here… All 505 pages of it.
Featured image by Getty Images
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At her core, Natalie considers herself to be a storyteller. When she's not writing or singing in the shower, she can be found eating endless amounts of pizza or reclaiming her time with a good book and a scented candle. Keep up with Natalie's shenanigans on her IG @Natatat122 and blog here.
This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
Feature image courtesy
Tubi has been gaining popularity due to its free sign-up and a vast selection of series and films. According to Deadline, the FAST (free ad-streaming television) service has seen a 14.7% growth from May and now has similar numbers to Disney+. So while many people have joked about Tubi having low-budget movies, the numbers don't lie.
In fact, I was one of those people who didn't get the appeal of Tubi, but the more I watched it, the more I enjoyed the content. They have some of our favorite TV series, such as Scandal and Star, as well as big films like the Fast and Furious franchise and cult classic Love & Basketball.
Tubi even has its own original movies and series that are just as entertaining. But while Tubi is on the come up, some of the low-budget movies and hood movies are still a must-watch. From Tubi originals to the hood movies, we've put together a list of shows and movies to add to your watchlist.
Cinnamon
Cinnamon is an original Tubi movie that stars Hailey Kilgore (Juke from Power Book III: Raising Kanan), Damon Wayans, and Pam Grier. It's a love story gone awry after a robbery turns deadly, and a young couple faces many challenges to make it out alive.
The Dirty D
The Dirty D is one of the first things I watched on Tubi, as many people highly recommended it. It's a series set in a Detroit club, and it has all the drama you can think of. Murder, drug dealing, cheating, greed, and more.
Black Men Don't Cheat
In this film, a young woman grapples with the death of her husband while also discovering his secret life, which puts her in danger.
Mother May I
This movie fully captivates the overbearing mother. However, the ending will shock you as she goes a little too far.
The Stepdaughter
When a young girl moves in with her dad and his new wife, a series of unfortunate events occurs. This Tubi original will keep your attention with every turn.
These Men For Everybody
These Men For Everybody is a film that highlights the tangled web of friendships and relationships and how you can't trust anybody.
Best Friend
What happens when your best friend is obsessed with you? This movie, which stars Serayah and Marques Houston, answers this very question and takes us on a ride in the process.
What's Done After Dark
What's Done After Dark shows us that everything isn't always what it seems. The twist at the end is a real doozy.
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