On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, ushering in the most comprehensive tax law changes in thirty-one years.
A significant benefit afforded to business owners is new §199A which provides a 20% qualified business income (QBI) deduction and has the potential to effectively reduce the highest income tax rate from 37% to 29.6%.
Have you had a chance to read the 479 page new tax bill?
I wouldn’t define it as a page turner. Like most new laws, the new tax bill is complicated and confusing.
Like most Americans you, probably have a retirement account such as a 401k, 403b, 457 or IRA, which means you are taking advantage of tax deferral.