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The Tax Cuts and Jobs Act, passed in December 2017, includes a new deduction for owners of pass-through businesses. When a pass-through business adopts a retirement plan, contributions into that plan generally reduce the owner’s preliminary household taxable income. Depending on this income, and depending on the type of business, an owner may be able to deduct more than 100% of a retirement plan contribution. In other cases, the deduction could be less than 100%. Deductions over 100% occur as an owner’s income moves through income ranges where the deduction is phased in, and deductions under 100% occur in other ranges where it’s phased out.

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