![]() The biggest change in deducting automobiles is an increased deduction for car depreciation for cars used for business. Caveat: The maximum allowance is still limited to the amount of income from business activity. Self-Employed businesses will be able to benefit from an increase of the amount they can expense from the Section 179 amount of $510,000 to $1,000,000 - for business equipment like computers, printers and office furniture. Increase in business expense tax deduction And because the overall federal income tax rates were lowered for the majority of taxpayers, those who are self-employed will see a further reduction in tax rates when the up-to-20% deduction of qualified business income is considered. Yes, the Individual Tax Rates are lower beginning in 2018 (check your Tax Bracket here). The deduction for taxpayers in other businesses can vary widely. However, individuals in certain service professions that are traditionally high-paid, such as physicians and attorneys, may not qualify for any deduction. In other words, taxpayers who have income below the lower income threshold have no worries at all.
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