Post ATsyeKiDqQd2TiGyMS by mjwhansen@bbiz.io
 (DIR) More posts by mjwhansen@bbiz.io
 (DIR) Post #ATsyeKiDqQd2TiGyMS by mjwhansen@bbiz.io
       2023-03-22T21:07:38Z
       
       0 likes, 0 repeats
       
       “"If you spend $90k in dev salaries, you used to be able to write that off as an expense...But now with 174 changes it has to be spread over 5yrs. Suddenly your profit has gone from $10k to $91k for tax purposes...Call your Congress people." - Rob Walling"This is an absolute cluster... it seems to have caught founders, accountants, even the government flatfooted. Talking to other founder friends, it seems like most people’s accountants are not super aware of this change." - Derrick Reimer"If you have a software company in the US, you need to be aware of Section 174. Instead of saying a development salary is an expense, you have to categorize it as R&D. It is actively harmful for small software companies." - @mijustin 🎧 Startups for the Rest of Us https://www.startupsfortherestofus.com/episodes/episode-652-mixing-no-code-with-code-developer-superpowers-5k-angel-check-and-more-listener-questions🎧 Build Your SaaShttps://saas.transistor.fm/episodes/banking-meltdown-more-taxes-on-small-software-companies-take-me-back-to-the-beachIs your company one of the many small software businesses that will have to freeze hiring, lay of staff, take out loans, or worse, because of the Section 174 changes requiring all software development to be spread out over many years rather than expensed? Congress needs to know. Join here to get plugged in: https://ssballiance.org#saas