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andrezito [222]
2 years ago
13

The Tax Cuts and Jobs Act allows owners of a sole proprietor or partnership to deduct up to _____ percent of the income earned b

y the business from their individual return to arrive at taxable income beginning in 2018.
Business
1 answer:
Alexandra [31]2 years ago
7 0

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

<h3>Who are the Tax Cuts and Jobs Act?</h3>

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 <u>20%</u> 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:

brainly.com/question/26428089

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