How did you do this tax season with the new Tax Cuts and Jobs Act? The answers (and your grade) are at the end.
1. If your small business constitutes a "pass-through entity," how much of your net business income are you allowed to deduct?
- I'm not sure what a "pass-through entity" is, but it sounds unpleasant
2. You spent $1.1 million in 2018 to repair your warehouse roof and buy much-needed new equipment. How much of that is deductible under Section 179?
- All of it
- $1 million
- Um … tell me what Section 179 is again