Sure. Tax reform has had its downsides, but it also provides some substantial money-saving benefits for business owners. For example, if you (or you and your spouse) own a business, your children can dramatically increase tax benefits for both you and them. That’s a win/win situation too good to pass up! Want to find out how to put a totally legal “hire your child” strategy … [Read more...]
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New Section 199A Tax Reform Calculator for Your Use
Take the pain out of manually computing Section 199A benefits to use the Tax Reduction Letter’s Section 199A tax-reform calculator If you qualify, the new Tax Code Section 199A offers a 20% deduction on your qualified business income. But the mechanics of making the calculation can be difficult. You have to take into account the type of business structure you’re … [Read more...]
Should you switch your S to a C corporation?
Are you running an S corporation? Then you may be suffering from C corporation envy. Why? Because thanks to the 2018 Tax Cuts and Jobs Act, C corporations now only pay a flat 21% tax rate on corporate profits which looks pretty darn good. But remember, looks can be deceiving, and before you think about giving up on your S corporation, take a minute and read my new … [Read more...]
Tax Reform: Wow, New 20 Percent Deduction for Business Income
Here’s some really good news and it’s a big deal… Section 199A of the new tax code lets you claim a deduction against your IRS 1040 taxable income of up to 20% of your qualified business income. Yes. These new rules can really put big money in your pocket. Which is why I urge you to read my new article titled Tax Tips: Tax Reform: Wow, New 20 Percent Deduction for Business … [Read more...]
Tax Reform Sticks It to Doctors, Lawyers, Athletes, Traders, and Others
When lawmakers recently passed the “Tax Cuts & Jobs Act of 2017,” they created a new tax deduction. It’s found in new tax code Section 199A, also known as the “Qualified Business Income Deduction.” Will it be good for you? Sure. If you’re not earning a lot. But if you’re a high earner, and operate a “specified service trade or business, “ your 20% deduction (under … [Read more...]