One of the more important provisions of the Tax Cuts and Jobs Act, enacted Dec. 22, 2017, is the new deduction for qualified business income (QBI). It allows a deduction for up to 20% of QBI from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships.
Tax Cuts and Jobs Act, Provision 11011 Section 199A – Deduction for Qualified Business Income FAQs