• Skip to content
  • Skip to primary sidebar

Header Right

  • Home
  • About
  • Contact

Archives for January 2018

20% Tax Deduction for Small Biz owners!!!

January 2, 2018 by mrice

Small business owner?? 

Good News for 2018!

Section 199A of the new tax code lets you claim a deduction against your IRS 1040 taxable income of 20%These new rules can really put big money in your pocket. But there is a lot of fine print, limitations, rules, and no, you will not be able to file for this deduction on a post card.  Sorry.

 1.    Do you qualify for the new 20% write-off? You’re in luck if you operate your business as a sole proprietorship, partnership, or S corporation. To qualify for the deduction you need taxable income below a certain dollar ceiling. Lets discuss specifics for your small business.

2.    What is “qualified business income”? Qualified business income refers to the  net of qualified items of income, gain, deduction, and loss, from your qualified trades or businesses. The definition in neither simple nor easy. Some significant limitations apply so I strongly suggest we talk.

3.    What if you exceed the income limits? There are ways you can benefit even if the IRS thinks you’re earning too much.

Filed Under: IRS

Primary Sidebar

Follow Us!

Follow Us on FacebookFollow Us on TwitterFollow Us on LinkedInFollow Us on E-mail

Search

Category

  • Best Business Practices
  • Doing business
  • Individual Tax
  • IRS
  • Quickbooks
  • Tax Law Changed
  • Uncategorized

Archive

  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • January 2018
  • December 2017
  • January 2017
  • December 2016
  • December 2015
  • October 2015
  • September 2015
  • July 2015
  • December 2014
  • September 2014
  • January 2014
  • December 2013
  • November 2013
  • September 2013
  • August 2013
  • June 2013
  • January 2013
  • December 2012
  • November 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • February 2012
  • January 2012

Recent Posts

  • 6 Key Facts About Excise Taxes
  • Need to Set Up Users in QuickBooks Online?
  • Time for a Tax Checkup
  • What to do to Keep Your Business Healthy Before It’s too Late
  • Hire Nothing But the Best

Recent Comments

    Copyright © 2018 · http://cpa-charlotte.com/blog