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February 8, 2019

Ouch! Lost deductions may be a shock

  • The law tax gave small business owners new tax breaks — but here's a look at the disappearing deductions.
    AP Business Writer

    NEW YORK — As small business owners compile their income tax returns, they may have an unpleasant surprise — some popular business deductions have disappeared or been reduced under the new tax law.

    While the law gave small business owners new tax breaks including a 20 percent deduction in income for many sole proprietors, partners and owners of S corporations, Congress took back deductions for entertainment expenses, employee transit benefits and what are called net operating loss carrybacks.

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