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February 8, 2019
NEW YORK — The new tax law has eliminated or limited some popular business deductions including those for entertainment expenses and interest on loans and credit lines. Tax professionals predict this filing season is going to be more complicated and painful as business owners see how much money they can no longer deduct.
The lost deductions also include subsidies for employees' transit and parking costs and what's known as net operating loss carrybacks, which allowed companies to get a refund on taxes paid in previous years when they suffer a loss on their operations.
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