The monumental new tax law has been hailed as a big win for businesses. For starters, the bill lowers the corporate tax rate to a flat 21% on all profits. Businesses can expect many changes this year. Here's a highlight of some of the more significant updates:
Pass-through businesses: There is now a 20 percent deduction for all pass-through businesses.
Deductions: Married individuals who own service-based businesses can only receive the 20 percent deduction if they make under $315,000 per year ($157,500 if single).