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January 11, 2019

Tips to ease your firm's tax season

By JOYCE M. ROSENBERG
AP Business Writer

NEW YORK — The new tax law, and in particular a new deduction aimed at small business owners, is making this income tax filing season more complicated than usual.

The deduction aimed at giving tax breaks to sole proprietors, partners and owners of S corporations allows many of them to deduct 20 percent of what's called qualified business income. But which business owners can claim the deduction, and how much they can claim, involves a lot of interpretation and complex calculations, tax professional say.


 
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