Tax rates for proprietorships, partnerships, and LLCs changed with the passage of the tax cuts and the jobs act of 2017.
<h3>What are the tax cut and job act 2017?</h3>
Deductions, depreciation, expensing, tax credits, and other business-related tax items have been altered as a result of the Tax Cuts and Jobs Act ("TCJA"). Business owners can use this side-by-side comparison to comprehend the changes and make appropriate plans.
Some TCJA provisions that apply to individual taxpayers may also have an impact on corporate taxes. Reviewing the revisions to the individual tax code will help businesses and self-employed people understand how these provisions may affect their own business position.
For regular updates on tax reform, check IRS.gov/taxreform. Businesses can learn more about the provisions below and access the most recent information at Tax Reform Provisions that Affect Businesses.
To know more about the Tax cuts and job act, visit:
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