Question

The Tax Cuts and Jobs Act allows owners of a sole proprietor or partnership to deduct up to _____ percent of the income earned by the business from their individual return to arrive at taxable income beginning in 2018.

Answer 1

The tax Cuts and Jobs Act took a massive reform law that allows business owners to deduct up to 20 percent of their income earned to arrive at a Taxable income in 2018.

Who are the Tax Cuts and Jobs Act?

The Tax Cuts and Jobs Act (TCJA) is a landmark tax reform bill that went into effect in 2018, created for a new tax deduction for business owners.

• Business owners who meet certain criteria can offset up to 20% of their gross business income from their taxes, lowering their effective tax rate by 20%.

The changes include:

• Lowering corporate and individual tax rates,
• Boosting the standard deduction as well as family tax credits etc

Learn more about the Tax Cuts and Jobs Act here:

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