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10. New Tax Laws Also May Affect Business Owners

A new 21% tax rate for pass-through businesses including S Corporations, partnerships, and sole proprietorships goes into effect in 2018. Not everyone will qualify, though. For those who do, the deduction may only apply to a small portion of their total income. This tax break is also set to expire at the close of 2025.

2018 income tax changes business owners

shapecharge / Getty Images

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