Understanding the new Sec. 199A business income deduction.

The article discusses how with enactment of the Tax Cuts and Jobs Act, a new provision of the Internal Revenue Code was born that is Section 199A, which permits owners of sole proprietorships, S corporations, or partnerships to deduct up to 20 percent of the income earned by the business. It mentions that the new provision that allows business owners to keep pace with the significant corporate tax cut also provided by the Act.