Are you eligible for a Section 199A 20-percent tax deduction?
When you start to answer the question, don’t forget about your capital gains.
Why? Because they add to your taxable income which is the key to determining your qualification for some, all, or none of the 199A deduction.
Don’t miss this opportunity to find out if a hefty tax deduction is coming your way. Read my new article titled Tax Tips: How Capital Gains Can Destroy the New 199A 20 Percent Tax Deduction!
Three ways our fact-filled article can help you:
- You’ll learn the importance of taxable income. To put it simply, taxable income is the starting point for calculating your Section 199A deduction. If your taxable income is equal to or less than the threshold of $157,500 (single) or $315,000 (married, filing jointly), you qualify for the 20 percent deduction using the lesser of two numbers as specified in tax code 199A. We’ll tell you what they are when you read the full after-tax-reform article.
- We’ll explain how to proceed if you’re earning a higher amount. If your taxable income is greater than $207,500 (single) or $415,000 (married, filing jointly), there’s an important question you’ll need to answer. Are you in an out-of-favor specified service business or in an in-favor business? A lot depends on your answer as you’ll discover when you read the full after-tax-reform article.
- We’ll let you use our free Section 199A calculator. Don’t miss it! If you want to see what your Section 199A deduction will be (or whether you’ll receive any deduction at all!), just enter five or fewer numbers into our online calculator. Instantly, you’ll see what deduction, if any, you can expect. We’ll give you all the details when you read the full article.