The Week of May 5, 2019 is Small Business Week!
Changes in the tax law resulted in a new deduction for certain businesses. Owners of eligible sole proprietorships, partnerships, trusts and S corporations may be able to deduct up to 20 percent of the following:
- Qualified business income from a domestic sole proprietorship, partnership, S corporation, trust or estate.
- Combined qualified real estate investment trust dividends and qualified publicly traded partnership income.
Eligible taxpayers can claim this deduction for the first time when they file their 2018 federal income tax return in 2019. Visit IRS.gov for more information.