New Tax Law Gives Potential Tax Break To Small Business
May 02, 2018 10:23PM
● By
Makayla Gay
Congress created a new deduction as part of its tax reform legislation, the Tax Cuts and Jobs Act (TCJA), which could make pass-through entities even more attractive to some small business owners. For the first time, owners of certain types of pass-through businesses can potentially deduct 20 percent of their qualified business income from taxable income. Unfortunately, the rules associated with this provision have complex limitations on who can claim the deduction and the amount that qualifies.
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