Major tax cut for small businesses set to expire next year; what you need to know [Video]

PHOENIX (AZFamily) —Small businesses, not just here in Arizona but across the country, could see more of their income taxed.

The National Federation of Independent Business (NFIB), which advocates for small businesses, is warning a tax break in the 2017 Tax Cuts and Jobs Act is about to expire.

“It’s critical that this provision is made permanent,” said Chad Heinrich, the Arizona State Director with the NFIB.

Small businesses were offered a 20% deduction for qualifying business income when the Tax Cuts and Jobs Act was passed. Heinrich said this cut had a big impact on Arizona businesses.

“Most of them said they hired employees, they bought equipment, they used the tax savings to grow their business,” explained Heinrich.

The reduction is set to expire by the end of next year.

According to Heinrich, because several years have passed since this law was since law was implemented, many businesses are used to this as the norm.

Although …