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What the New Tax Law Means for Small Businesses

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The most sweeping tax overhaul in three decades brings lots of good cheer for businesses, ranging from a lower corporate tax rate to big tax savings for asset purchases. But there are also some deductions that disappear and other breaks that are pared back to offset part of the massive cost of the tax cuts. Here’s a look at some of the key provisions in the new tax law that affect small businesses. Unless otherwise stated, most of these apply beginning in tax year 2018.

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