Check out our previous post to download the infographic that covers important tax changes for individuals.
Business Tax Updates
The two biggest updates to business taxes in 2018 contained changes benefiting small and large companies. The 20 percent pass-thru entity deduction, also known as the Qualified Business Income Deduction or Section 199A, applies to businesses where the income is ‘passed through’ to the owners. These businesses include sole proprietorships, LLCs, LLPs, and S-Corporations.
The second big change was the creation of a flat corporate tax rate. For most corporations, a 21 percent tax was a huge reduction, as the previous corporate tax brackets went up to 35 percent.
Download our guide to these and other changes here, or by clicking on the infographic below.