For years, small businesses have counted tax issues among five of their top 10 problems and priorities. The 2017 Tax Cuts and Jobs Act presented the biggest tax overhaul in more than three decades, and it dramatically changed the landscape for many small businesses, according to the National Federation of Independent Business (NFIB).
The centerpiece of those changes is the new Small Business Deduction (Section 199A). This important deduction allows businesses organized as pass-throughs to deduct 20 percent of business income from an S-Corporation, LLC, sole proprietorship, or partnership. Under the law, a pass-through business owner-regardless of the type of business they own-can now claim a full 20-percent deduction on their share of the business’s income up to $315,000 for those filing jointly.
Learn more about the Small Business Tax Deduction on Wednesday when NFIB hosts a live webinar at 12 p.m. EST. Click to learn more and to register for the webinar.