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The Tax Cuts and Jobs Act (TCJA) of 2017 lowered the American corporate tax rate to 21% and provided a similar benefit to non-corporate businesses
The Tax Cuts and Jobs Act (TCJA) of 2017 lowered the American corporate tax rate to 21% and provided a similar benefit to non-corporate businesses in the form of a deduction that is generally based on income. (2 parts to this answer)
What is this deduction called?
What happens to this deduction if the business has an operating loss?
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
17th edition
007802577X, 978-0078025778
