US Tax Reform: Qualified Business Income Deduction (6 of 11)

One of the most talked about provisions of the Tax Cuts and Jobs Act of 2017 is the tax deduction for qualified business income for non-corporate taxpayers. While often referred to as the pass-through deduction, the new law will likely provide significant benefits to a broad base of taxpayers including partners in partnerships, members of LLCs taxed as partnerships, shareholders of S corporations, owners of single-member LLCs and sole proprietors not operating through any legal entity.