Grab your calculators, folks—this one’s worth a double-take. Kamala Harris's new plan sounds like a golden ticket for small business: a $50,000 deduction plan that promises to kickstart the economy and fuel entrepreneurship. But here's the plot twist: it’s not exactly what it seems, and I’m here to expose why this supposed lifeline might actually be a mirage. Spoiler alert: don’t start dreaming of a check just yet.
Imagine you’re a new studio owner or entrepreneur, excited to grow your business and share it with the community. But under current law, you’re only allowed to deduct $5,000 upfront on your startup expenses. The remaining costs are spread out over time. Now, Kamala's “$50,000 deduction” plan claims to allow small business owners to deduct up to $50,000 in expenses from day one. Sounds like a jackpot, right? Here’s the catch: this doesn’t mean you get $50,000 to start a business; it means you can deduct that much—if you even spend that much upfront.
In over 20 years, I’ve rarely seen a small business burn $50,000 in startup costs before getting off the ground. Most entrepreneurs I know are savvy, building incrementally without shelling out tens of thousands. This deduction “boost” does little for the real challenges they face, like financing growth or making their studio a main source of income.
So, before you put this plan on your wish list, consider what really matters for your business. You need reliable financial systems, sustainable growth, and the freedom to focus on what you love, not the distraction of unhelpful political promises.
Let’s save the fairy tales for bedtime and get back to what small businesses actually need: practical, profitable, and proven paths to success.
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Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.
