The IRS issued proposed regulations this week for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new section 199A deduction is available for tax years beginning after Dec. 31, 2017.
The Treasury Department and the IRS also issued proposed regulations this week on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.
For more information on the two new deductions, visit IRS.gov/taxreform.
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