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.
Three ways our fact-filled article can help you:
- We’ll tell you who qualifies 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.
- We’ll define the important term “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. But be careful.
- You’ll learn how to win if you exceed the taxable income limit. There are two ways you can come out ahead even if Uncle Sam thinks you’re earning too much. You can beat the taxable income limit with (a) wages or (b) with the property.
Yes! These new rules can really put big money in your pocket. Contact Meese Khan, LLP today!
Phone: 623 935 1005