Business Taxes

How It Works: The New 20% Pass-Through Deduction for Businesses

Affectionately being referred to as the Pass-Through Deduction, the new tax law will allow partnerships, LLCs, S corporations and sole proprietorships (in other words, pass-throughs) to deduct up to 20% of their Qualified Business Income under revised provisions of IRC § 199A. How is the Pass-Through Deduction Calculated? The Pass-Through Deduction usually will be whichever

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