Before the Tax Cuts and Jobs Act passed, business interest expense generally was 100 percent deductible. Effective for tax years beginning after Dec. 31, 2017, taxpayers may be subject to limitations on the deductible amount of business interest expense.
If a taxpayer experiences a limitation on the deductible amount of business interest expense, the disallowed business interest expense may be carried forward indefinitely.
Some small taxpayers meeting a gross receipts test may be eligible to…
