Back when President Trump was elected for his second term, in this space I cautioned against making any tax moves too quickly since even if we knew he intended to change policy, that did not mean he was going to do so immediately.

And then we made it through last tax season with nothing changing – just as expected.

Now, though, we are not quite halfway through 2025 and Republicans are working to get a “big, beautiful bill” through Congress that will come with tax implications. There are concerns about the bill from within the Republican party, though, that is keeping it from having a smooth road to becoming law.

So again, a little patience and caution make up the best strategy.

If I were a betting man, I would wager that the Republicans are going to get something passed at some point in this realm. It’s not as if 17 different factions are having issues with 20 different parts of the bill.  There are pieces that everyone is going to be able to agree on and getting those through in a bill will look much better than not getting a bill passed at all.

Just what this will include, though, is impossible to tell at the moment.

This doesn’t mean one doesn’t need to pay attention, being aware of what is happening and what may happen in the future has value, and this can prepare you to make the moves that are most beneficial when it happens. Is there much to be gained by making guesses ahead of time, though?

Not that there are never positive answers to that question, of course, they are just matters for people who work in different areas of your finances than us. When it comes to planning for your taxes for next year, though, things may be getting antsy but the time for making big moves still has not arrived. 

Warmly,

Josh Bousquet
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How much one is currently aware of President Trump’s tariffs regarding their own pocketbook is probably dependent on if you purchased any larger items that were individually affected. As new trade deals come through, though, with more definite “final” numbers, though, it looks like it is bound to become a more universal issue.

After all, what is more universal than Walmart, whose CEO recently said that the company is bound to not be able to absorb all the tariff cost, which is going to slide down to the company’s customer base.

The President then called for companies to “Eat the Tariff.” And who knows, maybe a giant like Walmart could afford to. I am not going to play pundit, pretend that I have a view into the company’s books, and calculate just what it would mean for it to pick up the full cost. At the same time, though, Walmart is a company that operates by discounting prices to the consumer, giving them small profit margins on individual items, relying on how many items are being sold over how much it is making on each one.

And it’s not going to be just giant companies that must deal with this. It looks like it will be pretty universal that if anyone is purchasing anything coming from another country, it’s going to soon cost more than it did at the beginning of the year. It’s impossible to think every company in the country is in a spot to be able to survive that without raising prices.

This isn’t a political statement – heck that Walmart CEO is bound to be a fan of many things that Trump does – but the math is undeniable. This is, however, a statement that even after a lot of discussion and praise/hatred of the president’s tariff plan has worn off, much of its impact is still going to be forthcoming. Thankfully we do have this forewarning, though, that can help us prepare for it.

So, no matter what you think about how these policies will eventually shake out, no matter if you think it’s terrible policy or necessary for future survival, do not let yourself be caught unaware. Rhetoric can only take things so far, do not hide from real-world implications. 

Warmly,

Josh Bousquet
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I am sure you know by now, as it is already Wednesday, but I wanted to still wish everyone a Happy National Small Business Week.

What? You didn’t hang the banner outside your house?

Yes, this is just another of those crafted ‘holidays’ instituted by whoever stands to benefit by bringing attention to something – this time it comes to you via the Small Business Administration. It unfortunately doesn’t mean that the SBA Fairy is going to come down to small businesses that have behaved themselves and leave a suitcase full of money. But we can still use the time to say something.

That fact that ‘small business’ is included in our company’s name shows just how important such entities are to us. Heck, we are a small business ourselves. And granted, the definition of a small business covers many different entities, from someone selling a few crafts they enjoy making in their free time to an enterprise that sees millions of dollars go through its accounts in a year. They do generally share some things that draw them all together, though.

I think that common thread often comes down to a sense of connectedness. For those who are in the business, it can be the sense of knowing the owner of the company knows who you are. With that often comes a sense that you matter to them both as a part of the business, but possibly more importantly, as an individual.

Once a small business starts to grow, though, they must shuffle some tasks to others so that the owner is no longer doing everything. It is better if they can spend their time in the operating part of the business, the reasons they started it in the first place, instead of just trying to make the business run as a business, and that is where we can come in.

These owners don’t want to worry about tracking bank balances, processing payroll, or sending checks to vendors. Those aren’t the things one envisions doing when they start a business. But being willing to pay others to do some tasks you don’t want to do yourself can be a long-term investment good both for one’s mindset and personal wellbeing and for the success of a business in the future.

We love the way this dynamic allows us to work together, so wanted to use this a chance to say thank you to our current clients. And we also want to let this serve as an invitation to anyone new who may be reading this to come say hi and see if we can help you on your journey. Also, please feel free to recommend us to anyone you know who may benefit from our services. Let’s use this week to help bring success to small businesses, both yours and others, in any way we can.

Warmly,

Josh Bousquet
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