The impact of the segment of the American workforce known as Direct Sellers is an integral part of driving changes to the benefit of Independent Contractors. This past July, Department of Labor Chief of Staff, Nicholas Geale, addressed DSA member company attorneys and corporate representatives, encouraging them to inform Direct Sellers about the new Qualified Business Income Deduction, a tax benefit that could potentially provide Direct Sellers significant tax savings. We applaud this short explanation from H&R Block®. Click here
What does this mean to you on a day-to-day? It means that as a taxpayer you can adjust your estimated taxes to take account for the reduction in taxable income. As a business owner you can deduct up to 20% of your qualified business income, or if lower,20% of your taxable income net of any capital gain.
“U.S. Secretary of Labor, Alexander Acosta, recognized independent contractors important role in the American economy at the 2018 DSA Fall Conference. Additionally, DSA President, Joseph N Mariano, said, “The freedom and flexibility that have attracted millions to direct selling, together with how technology has enhanced career choices, are driving an even larger segment of the American workforce to become independent contractors.”
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