The U.S. Chamber of Commerce has released a guide to help small business owners make the most of recent tax law changes. Highlights include:
Permanent 20% QBI (Qualified Business Income) Deduction ? now available annually to eligible pass-through entities.
Immediate Deduction for R&E Expenses ? eligible businesses can deduct 100% of U.S.-based research and experimental expenses, with retroactive application for some years.
U.S. Chamber of Commerce
Increased Section 179 Expensing ? the maximum immediate deduction has more than doubled, with generous thresholds that phase out at higher purchase levels.
U.S. Chamber of Commerce
Expanded QSBS (Qualified Small Business Stock) Exclusion ? improved benefits for investors in qualifying small C corporations.
U.S. Chamber of Commerce
Enhanced Employer-Provided Childcare Credit ? small businesses may now claim up to $600,000 or 50% of qualified childcare costs.
U.S. Chamber of Commerce
For a full breakdown and step-by-step guidance, visit the U.S. Chamber?s resource: https://www.uschamber.com/small-business/navigating-the-new-tax-law-what-small-businesses-need-to-know
