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Tax reform is here: 2 big changes to your 2018 returns
Story Date: 10/10/2018
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Source: DAKOTA FARMER, 10/9/18
Two of the big changes that came from the Tax Cuts and Jobs Act passed in late 2017 include the new Section 199A deduction and the tax treatment of trades (like kind exchanges) for personal property, such as farm equipment and livestock.
The Section 199A deduction provides for a 20% deduction of qualified business income, which replaces the old Section 199 Domestic Production Activities Deduction rules.
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