The Tax Cuts and Jobs Act presented the biggest tax overhaul in more than three decades, and it dramatically improved the landscape for many small businesses. The Small Business Deduction (new Section 199A) is one of the key provisions in the tax law, which allows pass-through business owners to claim a full 20 percent deduction on their share of the business’s income up to $315,000 in 2018 for those filing jointly.
However, without additional congressional action, the Small Business Deduction is scheduled to expire after 2025.
Reps. Jason Smith (R-MO-8) and Henry Cuellar (D-TX-28) have introduced the bipartisan Main Street Tax Certainty Act, H.R. 216, to ensure the Small Business Deduction is permanent. Please encourage your Representative to cosponsor this critical legislation to provide certainty to small business owners. Read more – NFIB.com/taxes.
