Now through the end of the year is crunch time for many entrepreneurs and small business owners who are trying to do it all. It’s easy to overlook or not understand critical tax deductions that can help you to end the year strong and start the new year in a good position.
The Tax Cuts and Job Act of 2017 made changes to individual income taxes and the estate tax. Most of these provisions expire after 2025, while most business TCJA tax provisions are permanent:
- 20% deduction for “pass-through” income, including income received from a sole proprietorship or other pass-through entities such as partnerships, LLCs, and S-Corps
- a safe harbor spells out the terms under which rental real estate can qualify as a business for the deduction
- new regulations detail the conditions in which a business owner can aggregate multiple trades and businesses to get the tax break
WATCH: This video by CNN explains how small businesses are impacted by the new tax reform
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Year-End Tax To-Do List 2019
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Year-End Tax To-Do List 2019
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