On Dec. 22, 2017, the Tax Cuts and Jobs Act was signed into law by President Trump and will take affect starting with the 2018 tax year.

This new tax bill, establishing the lowest corporate rates since 1939, lowers the corporate tax rate from 35 to 21 percent. Small businesses set up as pass-through businesses will enjoy a 20% boost to the standard deduction. There’s a long list of other deductions and tax changes, but it’s the corporate tax rate cut that’s the kicker here.

Ways to spend your savings.

Supporters of these corporate tax decreases are excited about the possibility of boosting the bottom line for businesses and increasing their buying power in the workplace hoping to boost the economy and lower unemployment.

Whether you agree or not with the intentions or political reasoning behind this tax bill, you should spend some time considering how you can purposefully utilize your tax savings to improve the future of your small business, your employees, and maybe the economy.

Check out the below list of 5 ways you should consider spending your tax savings 

1. Give out bonuses.

You can follow the lead of a handful of  corporations and give bonuses to some of your most loyal and deserving employees. A one-time bonus is obviously a short-term, isolated benefit, but it could enhance employee satisfaction and benefit the personal lives of the people who put it all on the line for you every single day.

2. Raise wages.

If you stand to save a substantial amount from the tax bill, you might want to invest in a more permanent benefit for your employees. Increasing wages — particularly of those on the lower end of the pay scale — could produce major rewards in terms of employee engagement and satisfaction.

3. Hire new employees.

Does your organization feel a little strained? Do you need some help? Hiring a couple of new employees could help you regain control and get back on track.

4. Buy much-needed equipment.

One of the less-cited benefits of the new tax bill is the ability for businesses to write off the entire cost of a depreciable asset in the year it’s purchased, as opposed to amortizing over a number of years. If you need to purchase equipment, this could give the opportunity to do so without breaking the bank.

5. Increase giving and philanthropy.

Finally, another good option is to increase your philanthropic giving and/or start a charitable organization. If your company stands to benefit, why not pass the savings on to others in the community?

Push your business to the next level.

The tax bill isn’t some godsend that’s going to drastically change the way you do business and make everything easy from here on out. People on the left like to claim it’s nothing more than corporate greed. People on the right are over blowing the bill and saying it’s the greatest thing to happen in this country in three decades. Both groups of people are out of line. It’s a tax bill — nothing more and nothing less.

At the end of the day, you still have to show up at work every morning and focus on how you can make your business better. While the tax savings will help your bottom line, it’s up to you to push your business to the next level. No bill drafted in Washington will do that for you.