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I have been reading in Money Magazine and Forbes that if you have a small business, that for your 2018 taxes you can deduct 20% of your taxable income on Schedule C income before paying federal taxes on it, as long as your income is under $315,000.
They are also saying that this 20% deduction also applies to rental income reported on schedule E.
Has anyone looked into this yet?I would recommend talking to your tax professional, or one of the ones you have to refer your clients to.
Yes, Melanie, the 20% also applies to Schedule E. The regulations for this are not yet worked out. This applies to 2018 taxes, so will not relate to the 2017 return that will be filed by this April 17th. As Thomas mentioned, I would have your client speak to their accountant or tax professional. Not all types of work qualify for the deduction.
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