The Tax Cut and Job Act of 2017, which took effect on Jan. 1, 2018, made a number of significant changes in the wonderful world of tax law. Among the exciting new changes set forth in the new regime is a brand new income tax deduction for tax-savvy business owners who own their interests in pass-through entities (i.e., partnerships, LLCs, S-corporations and sole proprietorships).

A short and sweet explanation of the not-so-short-and-sweet new law: Any taxpayer that owns an interest in a pass-through entity may qualify for up to a 20 percent income tax deduction on the income of that business.

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