The single most consequential area of the newly enacted Tax Cuts and Jobs Act that will impact small business owners is the section covering "Qualified Business Income Deduction" ("QBI"). It is perhaps also the most confusing part of the new law. However, how a business owner and their CPA utilize the law can either produce tremendous benefits or result in paying unnecessary taxes.

Learning Objectives

• Understand the limitation and opportunities for specified service or trade businesses


• Recognize opportunities with pension plans to smooth out tax liabilities


• Apply the federal tax code to maximize contributions to retirement accounts


• Distinguish between various types of tax-qualified retirement plans