Below is a list of the best 2017 small business tax deductions voted by readers and compiled and edited by our team, let’s find out
Table of Contents
1 H.R.6760 – 115th Congress (2017-2018): Protecting Family and
- Author: congress.gov
- Published: 03/31/2022
- Review: 4.94 (812 vote)
- Summary: H.R.6760 – Protecting Family and Small Business Tax Cuts Act of 2018115th … in the adjusted gross income threshold for the medical expense deduction,
- Source: https://www.congress.gov/bill/115/house-bill/6760
2 How did the Tax Cuts and Jobs Act change business taxes?
- Author: taxpolicycenter.org
- Published: 09/06/2021
- Review: 4.67 (486 vote)
- Summary: Under the new law, joint tax filers with taxable income below $315,000 ($157,500 for other filers) can deduct 20 percent of their qualified business income (QBI)
- Source: https://www.taxpolicycenter.org/briefing-book/how-did-tax-cuts-and-jobs-act-change-business-taxes
3 Tax Reform Small Business Initiative – Internal Revenue Service
- Author: irs.gov
- Published: 08/29/2021
- Review: 4.52 (277 vote)
- Summary: See how tax reform affects your business · SALT – State and Local Income Tax · New deduction for qualified businesses (199A) · Withholding · Deductions,
- Source: https://www.irs.gov/tax-reform-small-business-initiative
4 Does the 2017 Tax Reform Bill Eliminate Small Business Deductions?
- Author: snopes.com
- Published: 09/14/2021
- Review: 4.2 (215 vote)
- Summary: · Under the 2017 tax overhaul legislation currently making its way through Congress, all deductions for business-related expenses incurred by
- Source: https://www.snopes.com/fact-check/tax-bill-small-business-deductions/
5 TCJA Simplified Tax Filing Process for Millions of Households
- Author: taxfoundation.org
- Published: 06/02/2022
- Review: 4.03 (596 vote)
- Summary: · The Tax Cuts and Jobs Act of 2017 made several significant changes to the individual income tax, including reforms to itemized deductions
- Source: https://taxfoundation.org/the-tax-cuts-and-jobs-act-simplified-the-tax-filing-process-for-millions-of-americans/
6 Impacts of the Tax Cuts and Jobs Act of 2017 on Real Estate
- Author: americanbar.org
- Published: 05/17/2022
- Review: 3.82 (279 vote)
- Summary: · The TCJA specifies all business interest expense deductions be limited to 30 percent of adjusted taxable income. The limitation applies to a
- Source: https://www.americanbar.org/groups/gpsolo/publications/gp_solo/2022/may-june/impacts-the-tax-cuts-and-jobs-act-2017-real-estate-ownership-and-investment/
7 10 Can’t Miss Tax Deductions For Small Businesses & Self … – Forbes
- Author: forbes.com
- Published: 09/23/2021
- Review: 3.62 (240 vote)
- Summary: · 10 Can’t Miss Tax Deductions For Small Businesses & Self-Employed Persons · 1. Self-employment tax. · 2. Retirement savings. · 4. Advertising &
- Source: https://www.forbes.com/sites/kellyphillipserb/2017/02/13/10-cant-miss-tax-deductions-for-small-businesses-self-employed-persons/
8 Your Complete Guide to 2021 U.S. Small Business Tax Credits
- Author: freshbooks.com
- Published: 03/05/2022
- Review: 3.41 (557 vote)
- Summary: BONUS: Qualified Business Income Deduction … Since 2017, the Tax Cuts and Jobs Act (TCJA) allows owners of “pass-through” entities, including sole
- Source: https://www.freshbooks.com/blog/8-tax-credits-every-small-business-owner-should-know-about
9 Tax Reform Bill 2017 – Impact on Small Businesses | BizFilings
- Author: wolterskluwer.com
- Published: 06/25/2022
- Review: 3.21 (412 vote)
- Summary: If you own a pass-through entity, the new law allows you to deduct 20% of “qualified business income”—in other words, the income your business generates, less
- Source: https://www.wolterskluwer.com/en/expert-insights/3-ways-the-new-tax-bill-impacts-small-businesses
10 New Tax Laws That Impact Small Business Owners in 2017
- Author: entrepreneur.com
- Published: 07/15/2022
- Review: 3.06 (232 vote)
- Summary: · New Tax Laws That Impact Small Business Owners in 2017 · Section 179 expensing/bonus depreciation · Tighter filing deadlines · New partnership
- Source: https://www.entrepreneur.com/article/288478
11 Repealing Flawed “Pass-Through” Deduction Should Be Part of
- Author: cbpp.org
- Published: 06/25/2022
- Review: 2.87 (113 vote)
- Summary: · Tax law and policy experts have widely criticized the deduction. … While the 2017 law’s proponents often identify small businesses as the
- Source: https://www.cbpp.org/research/federal-tax/repealing-flawed-pass-through-deduction-should-be-part-of-recovery-legislation
12 5 Small Business Tax Deductions – US News Money
- Author: money.usnews.com
- Published: 05/01/2022
- Review: 2.82 (51 vote)
- Summary: These include popular deductions for vehicle expenses and home offices as well as a relatively new qualified business income deduction that will allow some
- Source: https://money.usnews.com/money/personal-finance/articles/small-business-tax-deductions
13 Summary of Business Tax Law Changes 2010-2017 – TurboTax – Intuit
- Author: turbotax.intuit.com
- Published: 02/13/2022
- Review: 2.79 (75 vote)
- Summary: · For assets placed in service in the 2017 tax year, you can take a maximum Section 179 deduction of $510,000. The amount you can expense is
- Source: https://turbotax.intuit.com/tax-tips/small-business-taxes/summary-of-business-tax-law-changes/L0ABKjg2K
14 Small Business Taxes: What to Expect in 2022 – Business News Daily
- Author: businessnewsdaily.com
- Published: 03/12/2022
- Review: 2.49 (193 vote)
- Summary: Businesses donating food inventory can qualify for deductions of 25%, up from 15%. This is applied to taxable income for
- Source: https://www.businessnewsdaily.com/7720-small-business-taxes.html
15 Small Business Corporate (Sub-S)
- Author: dfa.arkansas.gov
- Published: 12/13/2021
- Review: 2.53 (175 vote)
- Summary: AR K-1 Arkansas Income Tax Owner’s Share of Income Deductions Credits Etc, 01/11/2022 … AR1103 Application to be a Small Business Corporation, 01/10/2017
- Source: https://www.dfa.arkansas.gov/income-tax/small-business-corporate-sub-s/
16 Entrepreneurs, here’s how to lower your small business taxes
- Author: usatoday.com
- Published: 10/30/2021
- Review: 2.29 (108 vote)
- Summary: · including equalizing tax rates between small and large businesses, offering tax relief on payroll taxes, doubling the start-up deduction to
- Source: https://www.usatoday.com/story/money/usaandmain/2019/04/10/trump-tax-cut-lower-small-business-taxes/3415616002/
17 24 Small Business Tax Deductions: A Comprehensive Checklist
- Author: fundingcircle.com
- Published: 01/31/2022
- Review: 2.36 (75 vote)
- Summary: · 24 Small Business Tax Deductions: A Comprehensive Checklist · Advertising · Bad Business Debt · Business Miles Driven · Business Use of Car
- Source: https://www.fundingcircle.com/us/resources/small-business-tax-deductions/
18 Itemized deductions – Tax.NY.gov
- Author: tax.ny.gov
- Published: 07/25/2022
- Review: 2.29 (191 vote)
- Summary: · 2017 IRS Publication 587, Business Use of Your Home Including Use by Daycare Providers; 2017 IRS Publication 517, Social Security and Other
- Source: https://www.tax.ny.gov/pit/file/itemized-deductions.htm
19 That 20 percent tax break for small businesses is no free-for-all
- Author: cnbc.com
- Published: 06/24/2022
- Review: 2.19 (131 vote)
- Summary: · The Tax Cuts and Jobs Act offers a 20 percent deduction for qualified business income from so-called pass-through entities, which include S
- Source: https://www.cnbc.com/2018/01/09/how-to-know-whether-your-business-qualifies-for-that-20-percent-tax-break.html
20 Explained: Up To 20% Small Business Income Tax Deduction – NFIB
- Author: nfib.com
- Published: 10/28/2021
- Review: 2 (174 vote)
- Summary: Since it became law in 2017, the Small Business Deduction has allowed small businesses organized as pass-through entities like Sole proprietorships, S-Corporations, Partnerships, or LLCs, to deduct up to 20% of their qualified business income
- Source: https://www.nfib.com/content/analysis/national/explained-up-to-20-small-business-income-tax-deduction/
21 Taxes | Small Business Majority
- Author: smallbusinessmajority.org
- Published: 09/29/2021
- Review: 1.86 (140 vote)
- Summary: Pass the Small Business Tax Fairness Act, which would reshape the Section 199A tax deductions established by the 2017 TCJA to benefit small businesses
- Source: https://smallbusinessmajority.org/policy-agenda/taxes
22 Explaining the Trump Tax Reform Plan – Investopedia
- Author: investopedia.com
- Published: 10/26/2021
- Review: 1.87 (77 vote)
- Summary: Because the top corporate tax rate was 35% prior to its reduction by the TCJA to 21% for tax years after 2017, carrying back an NOL from 2018, 2019,
- Source: https://www.investopedia.com/taxes/trumps-tax-reform-plan-explained/
23 The 20% Pass-Through Tax Deduction for Business Owners – Nolo
- Author: nolo.com
- Published: 01/27/2022
- Review: 1.72 (52 vote)
- Summary: Pass-through owners who qualify can deduct up to 20% of their net business income from their income taxes, reducing their effective income tax rate by 20%
- Source: https://www.nolo.com/legal-encyclopedia/the-new-pass-through-tax-deduction.html
24 The 2017 Small Business Tax Changes Guide – SurePayroll
- Author: surepayroll.com
- Published: 12/14/2021
- Review: 1.57 (98 vote)
- Summary: · For single taxpayers, as well as married individuals filing separately, the standard deduction bumps from $6,300 in 2016 to $6,350 in 2017
- Source: https://www.surepayroll.com/resources/blog/small-business-tax-changes-guide
25 FTB Publication 984 Business Expenses Revised: 03/2017
- Author: ftb.ca.gov
- Published: 09/16/2021
- Review: 1.46 (151 vote)
- Summary: As a new business, you can generally deduct up to $5,000* of start-up expenses (e.g., salaries, marketing, market analysis, etc.) and $5,000* of organizational
- Source: https://www.ftb.ca.gov/forms/misc/984.html
26 Corporation Income Tax | Provincial Taxes, Policies and Bulletins
- Author: saskatchewan.ca
- Published: 09/13/2021
- Review: 1.3 (121 vote)
- Summary: The general tax rate applies to all income not eligible for the small business rate. Effective July 1, 2017, the general rate of corporation income tax
- Source: https://www.saskatchewan.ca/business/taxes-licensing-and-reporting/provincial-taxes-policies-and-bulletins/corporation-income-tax