NEW YORK (AP) — Some small business owners may pay lower taxes under the Republican tax overhaul, but accountants and consultants will want to read the fine print carefully — once the details are finally settled. And some owners may want to consider changing their corporate structure if parts of the proposed changes go through.
A highlight for construction and manufacturing businesses: Both the House and Senate versions of the bill raise the deduction that lets many kinds of equipment purchases be written off right away. And for landlords, they'll be able to keep fully deducting their mortgage interest.
Lawmakers appear to be agreed on some broad themes, but several issues are up in the air as House and Senate negotiators reconcile their differences. That includes the tax rates for all types of companies.