One of the highlights of the new tax law is a great new deduction for business owners called the Qualified Business Income Deduction. It is a 20% deduction against the net income of a taxpayer’s qualifying business. For high income taxpayers there are certain rules that apply if they have what is known as a Specified Service Trade or Business. For other high income taxpayers there are limitations based on the W-2 wages paid by the business and the qualifying property of the business. Now is a good time for a business owner to meet with their tax advisor to discuss how they can best make use of this valuable tax deduction.
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