Business owners and self-employed taxpayers should make IRS.gov/taxreform their first stop for information on how tax reform affects both their business and individual taxes.
The updated IRS.gov/tax reform page has helpful information for three types of taxpayers: individuals, businessesand tax exempt entities.
The Businesses page is for businesses of any size and includes these topics, among others:
- New 20 percent deduction for passthrough business
- Changes to deductions for certain fringe benefits
- Like-Kind Exchanges
- New employer credit for paid family and medical leave
- Depreciation and expensing
Read more at: Tax Times blog