Deduct 20% of QBI

New Tax Deductions for Qualified Business Income

The 2017 Tax Cuts and Jobs Act created a new deduction under section 199A for business owners of pass-through entities — any type of business that is not organized as a C-Corporation.
 

This deduction could be reduced or not available at all if taxable income is over the threshold.  For example, if a business owner is married and files jointly and taxable income is:

 

     >  Less than $315,000:  Full deduction
     >  $315,000 to $415,000:  Partial deduction
     >  Above $415,000:  No deduction
    

Click here to read more about  “New Tax Deductions for QBI” »

QBI deductions are complex and results will vary based on the individual business’s circumstances.  More information to come as proposed guidance regarding 199A becomes finalized.

 

Consider establishing a new plan or enhancing your current plan to take advantage of this opportunity.  Call us today.

 

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