Almost all small businesses and rentals get a new deduction equal to 20% of their profit if the taxpayer’s married-filing-joint taxable income is less than $315,000. If the taxpayer’s taxable income is above that amount, then the deduction could be limited based on the nature of the small business and whether or not the small business pays wages to its employees. We can calculate this deduction for you and share ideas with you that may allow you to still enjoy some of the deduction if your income is over $315,000.
Accounting and Consulting