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Tax law creates new deduction for non-corporate business owners

Congress decides to create new deduction.

Congress lowered the corporate tax rate across the board when it passed the Tax Cuts and Jobs Act of 2017.

But what about the 90-plus percent of business owners who are not corporations?

The Senate decided to create a new type of deduction for qualified business income.

Iowa State University’s Kristine Tidgren discussed QBI and its ramifications in a presentation at the Mid-South Agricultural and Environmental Law Conference.

 

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