The tax bill has finally cleared Congress. It contains significant changes that will affect our clients. Perhaps the most significant is a new 20% deduction for “pass-through income” from sole proprietorships, partnerships, and S corporations. This provision may result in significant tax savings for many clients, but its application is quite complicated. To help explain it, we have created this flow chart (please see the link at the bottom of the page). Please contact us if you have any questions regarding how the tax bill will affect you, your business, or your family. We will have a full summary of the bill in next month’s newsletter.