Finance

3 million more businesses claimed this Trump tax break last year

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Kiyoshi Hijiki | Moment | Getty Images

Nearly 3 million more business owners claimed a 20% tax deduction on their income last year relative to the prior filing season, according to IRS data.

Around 21.2 million returns claimed the “qualified business income” deduction during tax season last year, which reflected income for 2019. That’s an increase from 18.4 million tax returns the year prior.

The Tax Cuts and Jobs Act, signed by former President Donald Trump in 2017, created the so-called pass-through deduction.

The tax break allows owners of pass-through businesses, like sole proprietors, partnerships and S corporations, to deduct up to 20% of their business income from taxes.

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Source cnbc.com

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