The Tax Cuts and Jobs Act (TCJA) made many favorable tax changes for businesses, including a drop in the corporate tax rate to a flat 21 percent, repeal of the corporate AMT, a new 20 percent qualified business deduction for owners of pass-through entities, greater write-offs for buying equipment and machinery and making certain improvements to property, and a new tax credit for paid family and medical leave. However, this same law also eliminated a number of write-offs that businesses have come to know and love. Here is a roundup of deductions and other tax breaks that can no longer be used for 2018 returns.

Entertainment Costs

Through 2017, 50 percent of the cost of entertaining customers, clients, and others associated with a trade or business, such as taking them to a sporting event or theater before or after a business meeting, was deductible. The TCJA repealed this deduction, so no write-offs can be claimed for entertainment expenses paid or incurred on or after Jan. 1, 2018 (Code §274(a)(1)).

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