Some bad news I’m afraid. The new Section 199A qualified business income deduction creates a number of danger zones for taxpayers and their tax … [Read more...] about Section 199A Qualified Business Income Deduction Danger Zones
Real Estate Broker Section 199A Deduction
If you’re a real estate agent or broker, you may wonder whether the new Section 199A deduction works for you. And the short answer: Probably you … [Read more...] about Real Estate Broker Section 199A Deduction
The Millionaire Next Door Business Plan
Last week, after reading the newest book in the “Millionaire Next Door” series, I critiqued the critics. More specifically, I pointed out how the … [Read more...] about The Millionaire Next Door Business Plan
Defending “Millionaire Next Door” Theory: What Stanley’s Critics Got Wrong
I recently read The Next Millionaire Next Door, the latest book in the “Millionaire Next Door” series started by Thomas Stanley and William Danko more … [Read more...] about Defending “Millionaire Next Door” Theory: What Stanley’s Critics Got Wrong
S Corporation Section 199A Deduction
The S Corporation Section 199A deduction gets complicated. Especially for S corporation business owners who don’t get good advice from a knowledgeable … [Read more...] about S Corporation Section 199A Deduction
Has Your Small Business Stopped Growing?
Has your small business stopped growing? I might know why. And more importantly, if it turns out the textbook answer I give is right, the answer … [Read more...] about Has Your Small Business Stopped Growing?
Section 199A Trade or Business Concept Deconstructed
The new Section 199A deduction requires taxpayers to identify the individual trades or businesses they receive income from. The reason for this … [Read more...] about Section 199A Trade or Business Concept Deconstructed
Section 199A Rental Property Trade or Business Definition
Section 199A potentially gives real estate investors a deduction equal to 20% of their rental income. Some real estate investor with, say, $100,000 … [Read more...] about Section 199A Rental Property Trade or Business Definition
S Corporation Home Office Deduction Revisited
My oldest friend (since 5th grade) is also a CPA. At lunch last week, he made a great observation. If you run your business as an S corporation and … [Read more...] about S Corporation Home Office Deduction Revisited
The Retirement Saving Section 199A Deduction Connection
Note: This blog post has not been updated for the Section 199A final regulations that appeared over the 2019 Martin Luther King Jr. holiday weekend … [Read more...] about The Retirement Saving Section 199A Deduction Connection