Business growth and entrepreneurship continue to drive the economy. While the majority of businesses in the United States are small businesses (defined as those with fewer than 500 employees), and they represent nearly half of the country’s private-sector employees and are viewed as a significant engine of economic growth.

Still, many businesses of all sizes face unique challenges, such as tax planning, talent retention, regulatory requirements, offering retirement benefits and creating succession plans.

In the changing tax landscape, numerous strategies have emerged that offer tax-advantaged opportunities for businesses.

Here are some tax-smart strategies for small business owners to consider.

Maximize the deduction for qualified business income. Following the passage of the Tax Cuts and Jobs Act in late 2017, a new provision established a 20 percent deduction of qualified business income (QBI) from certain pass-through businesses. The