Tax time: End of popular deductions may shock small-business owners
from Chicago Tribune
As small-business owners compile their income tax returns, they may have an unpleasant surprise — some popular business deductions have disappeared or been reduced under the new tax law. While the law gave small-business owners new tax breaks including a 20 percent deduction in income for many sole proprietors, partners and owners of S corporations, Congress took back deductions for entertainment expenses, employee transit benefits and what are called net operating loss carrybacks. It also put ceilings on interest deductions for some businesses. Accountants and tax attorneys suspect small-business clients to especially miss the break for entertaining clients and customers.
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