As posted by Thomson Reuters on 1/23/18 Enacted on 12/22/17, the Tax Cuts and Jobs Act (TCJA) added §199A, which applies to tax years 2018-2025. Under this new provision, individuals, estates, and trusts may deduct up to 20% of their Qualified Business Income (QBI) from sole proprietorships (including farms) and pass-through entities. This means that the QBI of taxpayers in the new 37% tax bracket may be taxed at an effective top marginal rate of 29.6%. Although §199A can greatly benefit many noncorporate taxpayers, it's one of the more convoluted provisions of the TCJA. It contains various rules and limits that can substantially reduce or eliminate the deduction. Given this, a step-by-step guide to claiming the deduction would be helpful. This Tax Planning Letter examines in detail...