Answer :
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
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