January 20, 2018
The Tax Cuts and Jobs Act of 2017 (TCJA) has two kinds of provisions that affect small business owners. The first kind contains changes that affect income, expenses, and taxation of businesses. Changes include special breaks in the new tax law for certain industries. The second kind of provision affects personal income taxes, including those of small business owners and especially ones that operate pass-through businesses – sole proprietorships, partnerships, limited liability companies (LLCs) and S Corporations.