Tax Senior Manager Kay Gotshall shared her insights on how the changes introduced by the 2017 Tax Cuts and Jobs Act will impact the 2018 tax return season in Richmond Times-Dispatch's article “Navigating this year's tax changes can be a confounding task.” This includes a look at what impact the 2017 tax reform had on both large and small business tax returns.
“Navigating this year's tax changes can be a confounding task” Excerpt:
In particular, tax returns are still complicated for small-business owners, who could get a 20 percent reduction on so-called pass-through income. That provision in the tax overhaul was designed to help small businesses that wouldn’t benefit from a reduction in the corporate income tax from 35 percent to 21 percent.
What’s been difficult is figuring out whether a particular business owner qualifies for the deduction.
Source: Richmond Times-Dispatch
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