How does 2018 Tax Reform affect my self-employed business?

[CarolineM]

There is a new 20% deduction on self-employed net business income. The new law allows a brand-new tax deduction for sole proprietors, which is someone who reports their business income on their individual tax return; and owners of pass-through entities, including partners in partnerships, shareholders in S corporations, and members of limited liability companies (LLCs). This deduction allows you to keep more earnings tax-free.