If your business is a Sole proprietorship, S-Corporation, Partnership, or LLC, check line 13 on your 2020 IRS 1040 form. You’ll see a deduction of up to 20% of your business income, called the Small Business Deduction and it comes from section 199A of the federal tax code.

What are you doing with your 20%? Our resources can help you answer these questions and make the most of it if your business is eligible:

• Follow our Q&A graphic to determine if you benefit from the Small Business Deduction and learn more about it.
• Wondering where you can find your Small Business Deduction on the 2020 IRS Form 1040? Our fact sheet can point you there.