While there is still a ton of haziness surrounding the new tax rules, and we are waiting for the IRS to opine on some them, there are there are a bunch of things that affect small businesses.

So there's good news and bad news. 

First -- the bad news.  -The business meals and entertainment deduction that you used to take for those 3 martini lunches is now gone. 

Yep.  So if you are one of those social souls that gets work done over dinner or drinks unfortunately you can no longer deduct the tab.  Same goes for all those ball games, concerts, etc.  You can no longer deduct those costs.  

Deductions are still allowed, of course, for meals and drinks purchased during legit business travel.

Now here's the good news.  If you're in the market for new equipment - go shopping!

You are now eligible for a $1 million deduction (assuming you have $1 million in other income to offset it all).

That means basically you can write off the full cost of the equipment you buy this year. So go buy some laptops, pickup trucks -- or anything else you may need!

And there are more benefits -- but you're going to have to watch our video now to find out!

More from Video

Economist Perspective: Can U.S. Dollar Keep Its Momentum in 2019?

Economist Perspective: Can U.S. Dollar Keep Its Momentum in 2019?

What Investors Should Know Ahead of Google's Hearing on Capitol Hill

What Investors Should Know Ahead of Google's Hearing on Capitol Hill

Abbott Downing Exec: 'There's a Missed Perception That Volatility Means Risk'

Abbott Downing Exec: 'There's a Missed Perception That Volatility Means Risk'

Jim Cramer to Elon Musk: 'No Lawyer in the World Would Say You Should Do This'

Jim Cramer to Elon Musk: 'No Lawyer in the World Would Say You Should Do This'

Abbott Downing Executive on New Years Resolutions for Investors

Abbott Downing Executive on New Years Resolutions for Investors