As of May 2024, the President of the United States is Joe Biden and the Congress is split between Democrats and Republicans.  The next election in November will be important for many reasons but especially for restaurant owners.

You will hear very little about this in the main street media but in 2025, the Qualified Business Income deduction (QBI) is set to expire. This deduction started by President Trump in 2018 has been a boon to small businesses and helped the economy flourish during the Trump years. 

The QBI allows small businesses to automatically reduce their taxable income by 20 percent thereby reducing their taxes by 20 percent.

Kallas has used this deduction since 2018 to obtain hundreds of thousands worth of tax refunds for our clients.

The problem is that this deduction expires in 2025 and if nothing is done to extend the law your taxes will go up.

Please consider and tell your small business friends, if Joe Biden wins the next election, you can be sure the QBI will not be renewed and starting in 2026, your taxes will go up dramatically.