When the Tax Cuts and Jobs Act was passed in 2017, the tax cuts specific to small business were only passed on a temporary basis, and are set to expire at the end of 2025. Legislation has been introduced, the Main Street Tax Certainty Act (S. 1706), which would make permanent the 20 percent Section 199A deduction permanent.
This bill takes an important step toward fairness when it comes to the taxes small businesses pay vs the taxes large businesses pay.
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