small business and section 199A

Under the TCJA (new tax law) we will be applying a section 199A deduction of 20% which we will take into consideration. This new deduction will apply to small businesses, rentals and farms that generate a net profit. This is the small business tax help offered in the new tax law so that corporations are not the only ones receiving tax relief under the new law. This means that your business return may take us a bit longer but we want to make sure we maximize this deduction.

Mortgage and business loan interest is still deductible and is not limited like itemized deductions.

Rodney W Wicklund and Associates 2011