Long Island Business News quoted Partner Diane Giordano in an article about the first full year under the Tax Cuts & Jobs Act.
Long Island Business News
By Bernadette Starzee
“Since lawmakers gave the C corporations a really good tax break, they realized they had to do something for family-owned businesses and other non-C-corporations,” Giordano said. Enter the Code Section 199A qualified business income deduction, which provides a 20 percent deduction on qualified business income. “Business owners recognize income from the pass-through entity on their personal income tax returns,” Giordano said. For some taxpayers, that income is now reduced by 20 percent, “which is a nice deduction,” Giordano said.