From The Authors Guild:
It’s a fast-moving target, but our lawyers and staff in New York and Washington are analyzing the proposed tax bills to see how they will affect authors. As we await a final Senate bill, given the amount of confusion, we wanted to let you know where things stand right now.
The principal changes to individuals’ income taxes proposed by both the House and Senate bills are 1) changes in tax rates, 2) the elimination of many specific, itemizable deductions and credits, and 3) the increase in the standard deduction. These changes are intended to streamline personal income taxes by limiting the number of those filing itemized deductions. It will make filing returns simpler for many taxpayers, and will benefit those who rely on the standard deduction. However, it will penalize those who currently have high deductible expenses, such as medical costs, dependent child care, and high local and state income and property taxes.
The types of itemized deductions and credits to be repealed differ somewhat under the Senate and House bills, and those differences are described below. Neither bill, however, would repeal self-employed writers’ ability to take standard business deductions—a source of some confusion since certain individuals who file as employees, such as “qualified performing artists,” would no longer qualify for unreimbursed business expense deductions under the proposed bills. This provision is applicable only to employees, and not freelancers.
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Some authors use an LLC or other pass-through corporations to contract with and be paid by publishers and others. There are also proposed changes that would affect pass-through corporations, which are still the subject of some debate. We will provide further updates on those as the bills progress.
Link to the rest at The Authors Guild and thanks to Christina for the tip.