Business interest expense: How much can you deduct?

Description

Abstract: If there’s one thing that every construction company owner enjoys, it’s a healthy tax deduction. However, the Tax Cuts and Jobs Act set forth a limitation on deductions of business interest expense. This article explains how small businesses can qualify for an exemption, how the limitation is calculated and how some companies can opt out of the limitation altogether. A sidebar looks at how a construction company could end up defined as a “tax shelter.”