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rhanna4571
New Member

Does my single member LLC qualify for the new Pass thru tax deduction? Is the single member LLC a viable entity ?

Does my single mem


ber LLC qualify for the new pass thru tax deduction

1 Reply
KrisD
Intuit Alumni

Does my single member LLC qualify for the new Pass thru tax deduction? Is the single member LLC a viable entity ?

No, that is not available until next year. 

"Self-employed and small businesses:

The bill has a myriad of changes for business. The biggest includes a reduction in the top corporate rate to 21%, a new 20% deduction for incomes from certain type of “pass-through” entities (partnerships, S Corps, sole proprietorships), limits on expensing of interest from borrowing, almost doubling of the amount small businesses can expense from the 2017 Section 179 amount of $510,000 to $1,000,000, and eliminates the corporate alternative minimum tax (AMT)."

Click this link for information about the pass through deduction. 

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