The IRS has proposed a brand new deduction, the section 199A deduction, that may allow sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.
The deduction is available to those who file a joint return with income under $315,000.00 and $157,500 for other filers. If your income is above that limit, then your deduction will also likewise be limited.
What is qualified business income? It includes domestic income from a trade or business.
What is excluded? Employee wages, capital gain, interest and dividend income.
The regulations and details are being developed further. Below is a link which provides some more detail regarding the proposed deduction.
https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-deduction-for-qualified-business-income-faqs