The Tax Cuts and Jobs Act included several new provisions that will have the effect of either increasing or decreasing tax depending on the type of income and taxpayer. Below are the major provisions in this category.

Section 199A allows many taxpayers to take a deduction for qualified business income from a qualified trade or business operating directly or through a pass-through entity. Eligible taxpayers may be entitled to take a deduction of up to 20% of qualified business income from a domestic business operation as a sole proprietorship or through...