What the tax law means for small business owners

If you own a small business and file a Schedule C attachment with your return, reporting pass-through income to the IRS, you’ll get some relief under the new tax law. Nearly 17 percent of taxpayers fall into this category and use the pass-through to reduce the impact of double taxation.

Under the new law, the top rate on income earned lowers from 39.5 to 37 percent, and the income allowed to be claimed as a pass-through increases from 17.4 to 20 percent. It may not seem significant, but small business owners know every dollar counts!

– Tara Frier, The Boston 100