Back in December, President Donald Trump signed the Tax Cuts and Jobs Act. Congress had included in the act a “20 percent of X” tax deduction for owners of pass-through businesses, and most small businesses owners celebrated. “This is the first broad brush deduction available only to businesses owners since the inception of the Federal […]
tax deductions
5 Overlooked Small-Business Tax Deductions
Failing to claim all the small-business tax deductions you’re entitled to is like flushing money down the toilet. Deductions are a legal way to reduce the amount of business income that is subject to tax. Keeping good records is key to backing up the deductions, says Barbara Weltman, author of “J.K. Lasser’s Small Business Taxes […]