One of the major changes in the tax law enacted last December in the Tax Cuts and Jobs Act (TCJA) was the creation of a new deduction for “qualified business income.” As a general rule, this deduction allows individuals who are either sole proprietors or who own interests in businesses that are formed as limited liability companies, partnerships, or S corporations to deduct from their gross income an amount that may be as high as 20 percent of their share of that entity’s income. READ MORE