Hey there! Welcome to the Independent Money newsletter 👋 We’ll be exploring the latest financial news and discussing how it affects entrepreneurs like you. Plus, we'll share some awesome wealth creation insights from successful entrepreneurs.

Let’s dive in! 🏊‍♂️

First time reader? Subscribe here.

How Changing Tax Plans Could Affect Your Business 

Harris vs. Trump: A Closer Look at Their Tax Plans for Entrepreneurs

As the 2024 election draws near, solo business owners should pay attention to the distinct tax plans from Kamala Harris and Donald Trump, as these policies could impact your bottom line.

Kamala Harris’s Plan: Support for Working Families

Harris’s tax strategy focuses on reducing income inequality. She proposes increasing taxes on high earners and corporations to provide more tax credits and social support for middle- and low-income Americans. While her plan is geared toward boosting public services, it could mean higher taxes for wealthier individuals and businesses.

For solo business owners:

• If your income falls in a higher tax bracket, you may face increased taxes.

• Harris’s proposals prioritize public investment in healthcare, education, and housing. This aims to create a more stable economy by boosting consumer spending, which could benefit businesses.

• Investment in public services may also lead to a more skilled workforce and healthier communities, indirectly supporting business growth.

Donald Trump’s Plan: Lower Taxes to Stimulate Growth

Trump’s approach builds on his 2017 tax cuts, offering continued tax relief to businesses and individuals. His goal is to encourage investment and economic growth by keeping taxes low, especially for corporations and higher earners.

For solo business owners:

• Extending the 2017 tax cuts could mean lower taxes on your income and profits, allowing you to reinvest more into your business.

• Trump’s plan aims to boost short-term economic growth, which could create more business opportunities, though the benefits may be concentrated among wealthier individuals and corporations.

What Does This Mean for You?

As a solo business owner, your tax liability and growth opportunities could be shaped by which of these policies comes into effect. Harris’s plan offers long-term economic stability by supporting consumer growth and workforce development, while Trump’s approach focuses on immediate tax cuts to stimulate short-term business investment.

Both tax plans offer distinct advantages depending on your business model and financial situation. Stay informed and consider how either policy could influence your personal and business finances.

Need more insights on how to optimize your taxes as a solo business owner? Join our upcoming workshop on tax-saving strategies tailored to entrepreneurs or download our $299 FREE course on 25 Strategies to Save on Taxes.

Stay ahead of the curve and make informed financial decisions for your business.

What’s Happening at Carry?

Here’s what you can expect in the coming weeks

See the full list of events here. ⏰

Want More?

Still can’t get enough? Well, we’ve got you covered!

Think your friends might like it? Be sure to share it with them! 📩

If you want more resourceson building wealth as a solopreneur/entrepreneur, check these out:

• The Solo 401k handbook

• The Roth IRA handbook

• The Self-Directed IRA handbook

• The Guide to Paying Less in Taxes

• What is a Solo 401k?

• How to Open a Solo 401k