The law formerly known as the Tax Cuts and Jobs Act of 2017 created a 20% deduction for income from certain passthrough businesses. The deduction, under new section 199A, is broadly available for lower income taxpayers, but that greater availability is gradually phased out for higher income...

The tax reform and simplification law known as the Tax Cuts and Jobs Act enacted the section 199A passthrough business income deduction, which generally provides a 20 percent deduction for some types of income from 2018 through 2025. Owners of sole proprietorships, partnerships, S corporations,...