The Tax Cuts and Jobs Act provides a provision that allows taxpayers to take a 20% deduction off their pass through business income before calculating their taxes on their individual tax returns. This will come in very handy for taxpayers with an interest in s-corporations, LLCs, Partnerships, Trusts, Estates, Sole-Proprietorships, and even for rental property owners. Watch this short video to learn some of the basic facts about the deduction as well as some of the limitations and exceptions to the rules.
The New 20% Deduction on Pass-Through Income
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