With the right strategies in place, it is possible to maximize the deduction and lock in significant, recurring savings.

In our last post we mentioned that the IRS had finally released the draft instructions for the new Form 8995 (used to calculate the Section 199A Qualified Business Income deduction). In the ...

As part of the Tax Cuts and Jobs Acts passed in December of 2017, IRC Section 199-A was created, which allows owners of small businesses — including partners, owners of S corporations and sole ...

The IRS on Friday posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.

The 2017 Tax Cuts and Jobs Act has resulted in numerous changes to the tax laws— both on the individual and business levels. Some of the most impactful changes affecting 2018 and beyond are those ...

Beginning with the 2018 taxable year, owners of pass-through entities engaged in qualified businesses can claim a U.S. federal income tax deduction up to 20 percent on their qualified business income.

Owners of pass-through entities may be able to take a 20 percent deduction for their qualified business income (QBI) (Code §199A). This personal deduction lowers the effective tax rate on profits from ...

As stated in the introduction to my last Retirement Daily article, “Should You do a Roth IRA Conversion After Age 62?,” Roth IRA conversions are an excellent tool for optimizing after-tax income ...

A significant but complicated tax deduction for business owners that could expire at the end of next year has delivered savings for some — especially the wealthiest owners. Its impact on jobs and ...

Freelancing can be notoriously difficult, but a new tax break might make things easier" that is, if you're already wildly successful. The One Big Beautiful Bill Act will permanently extend and enhance ...