1.17.19 – CEPro – Mitch Reitman
The Tax Cuts and Jobs Act gave birth to Section 199A, which permits owners of sole proprietorships, S corporations or partnerships to deduct up to 20 percent of income earned by the business.
Despite what you may have seen on TV and on Facebook it does have some provisions that are beneficial to custom A/V, security and integration businesses, especially those with less than $10 million in revenue.
The Tax Cuts and Jobs Act established a new tax deduction — called the Section 199A deduction — for owners, including trusts and estates but excluding any tax-able corporations or pass-through business-es (which, for this purpose, includes sole proprietorships and single member LLCs).