The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer.
As a Business Owner, U.S. Tax Deductions are always welcome. But remember, deductions aren’t static. Allowable U.S. Tax Deductions change over time, and some go away, or, in the case of the Section 199A Deduction, new deductions are added.
The Tax Cuts and Jobs Act (TCJA) that was signed into law in December 2017 was part of a major tax reform that paved the way for the Section 199A Deduction. This part of the tax reform could result in big tax savings for small businesses and real estate investors.
Major elements of the ACT include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, ...