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November 2015

Perspective on the Presidential Election – PART I

By | Entrepreneurship

Let’s be honest with ourselves: presidential elections are rarely incredibly exciting for anyone other than the candidates themselves or the news analysts tracking their every move. In fact, having to watch all of the overly dramatic commercials that harp on about how terrible the other candidates are gets real old, real fast. By the time the election finally rolls around, most of us (and by “us” I mean solopreneurs in particular) are just glad that it’s over with.

Welcome to the election season for the 2016 presidential candidates: all drama, all the time. It kind of seems like everyone is just competing for the most dramatic news bite, right? Donald Trump’s hair and Hillary Clinton’s email server — I’m over the mud slinging already. All the candidates are talking a lot of game, but not all of them can follow through on their chatter. How do you cut through the nonsense and get to the heart of the issue? You’ve gotta be asking yourself that question, especially if you’re a solopreneur.

Building our businesses and brands are a few of the most important things we can do – I mean, we’re attempting to ensure financial independence and security, here. You should be very interested in the candidates for presidency. The government can either make our lives easier or make them significantly harder…and we ain’t got time for that!

Let’s look take a look at the core entrepreneurial issues, and I’m going to break down what you should listening for when the GOP candidates are talking.

What to Look for in a GOP Candidate:

When the candidates are talking, listen for their stance on TAXES. Do they support extending and expanding the first-year deduction for capital purchases (Section 179)? How do they propose to do this? We don’t want someone who is wishy-washy when it comes to how they’re going to tax business owners. Pay attention to their talk about the process of filing taxes, too – are they going to simplify the process, or do they emphasize a more regulated approach when it comes to filing taxes and awarding various deductions?

The second thing we should look for in Republican candidates is their stance on loans for small businesses. Do they tend to be supportive of entrepreneurs and try to help them grow, or do they oppose the idea of loans and deductions designed to help small businesses get on their feet? Even more important, how do they propose that these loans be granted? Some candidates emphasize that loans should be given out on a per-case basis, indicating a lengthy and perhaps prohibitive screening process.

Finally, look for talk about deductions and depreciation for small business owners. More specifically, listen for discussion that revolves around “small business tax relief”, and whether or not the candidates support increasing the deductions currently available for small businesses as well as increasing the allowable expensing for first year depreciation.

Don’t just accept their words at face value: do your homework and pay attention to their legislative history. Look for candidates who support simplifying taxes and making things more attainable for business owners. Their position on health care costs and the Affordable Care Act is important too.

When it comes down to it, we’re going to have to pick the candidate that we think best represents us – but make sure to pick one who will help solopreneurs and small business owners.

Stay tuned for Part II….