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Norman G. Grill, CPA: Big tax savings potential for your business

More important, the law establishes a generous new deduction that will slash taxable income from pass-through entities. Beginning in 2018, the qualified business income (QBI) deduction generally allows taxpayers to deduct 20 percent of QBI (not salary) from a pass-through entity. Combined with the lower top tax rate on ordinary income, the deduction translates to a 29.6 percent top rate on pass-through income.

A new look at the new tax law

A bigger, more current concern is how the states will deal with these changes.