NEW YORK >> Millions of small business owners will be in uncharted waters this tax season as they try to determine if they qualify for a deduction that could exempt one-fifth of their income from taxes. ASSOCIATED PRESS President Donald Trump spoke with reporters, in Dec. 2017, after signing the tax bill and continuing resolution to fund the government in the Oval Office of the White House in Washington. Millions of small business owners and their tax advisers will be in uncharted waters as they tackle 2018 returns, a new deduction that can exempt one-fifth of owners’ business income but that is complex and confusing. NEW YORK >> Millions of small business owners will be in uncharted waters this tax season as they try to determine if they qualify for a deduction that could exempt one-fifth of their income from taxes. Five months after the IRS issued guidelines to help business owners and tax advisers understand how the complex deduction works, accountants and tax attorneys still have questions. Even those who have attended seminars and workshops about the new law have come away scratching their heads, especially about a section that bars service providers like doctors, lawyers and consultants from… Read full this story
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