Support Growth of Small Businesses through Tax Policy
Small business IS the nation’s biggest business. Most AAO members are both highly-skilled medical professionals and the owners/operators of their own small business. We appreciate the work Congress did to pass major tax reform in 2017, but we remain concerned about how that legislation might affect small businesses, particularly medical professional businesses.
Medical Professionals as Small Business Owners:
The new tax law is very complex in its treatment of medical professionals who own and operate their own business, making it more difficult for these small businesses to create new jobs. When Congress considers adjustments to the new tax reform bill this year, it needs to make sure small businesses, particularly medical professional businesses, are not disadvantaged by the new law. For that reason, we are asking Congress to direct appropriate federal agencies, like the IRS and Small Business Administration, to study and report back on the impact of the 2017 tax law on small business in general, and medical professional small businesses in particular.
Professional Association Dues:
Medical professionals like the AAO’s members pay thousands of dollars a
year in professional association dues that allow them to access a wealth of
educational resources and professional assistance that ultimately benefits their patients. These dues have always been deductible, but reform changed that at the last minute. Congress should reinstate the deductibility of professional association dues.