The Section 199A deduction lets business owners avoid federal income taxes on that last twenty percent of their business income. Which sounds … [Read more...] about 199A Deduction Errors Cost Small Businesses Big Refunds
Section 199A
Tax Strategy Tuesday: Convert Guaranteed Payments to Qualified Business Income
Okay. This Tuesday? I've got a tax strategy for partnerships. A strategy that can save individual partners thousands in taxes annually. Maybe even … [Read more...] about Tax Strategy Tuesday: Convert Guaranteed Payments to Qualified Business Income
Physician 199A Deductions Can Work (if You Know Rules)
This week, I talk about physician 199A deductions. More specifically, I talk about how many physicians who own part or all of their medical … [Read more...] about Physician 199A Deductions Can Work (if You Know Rules)
Ignoring IRS 8995 Instructions to Double-deduct Self-employed Health Insurance
If you’re reading this, you already know, right? In many situations, the 199A regulations require adjustments to the qualified business income number … [Read more...] about Ignoring IRS 8995 Instructions to Double-deduct Self-employed Health Insurance
Section 199A Deduction Rookie Mistakes
CPAs and taxpayers made some Section 199A mistakes in 2018. We saw that a lot in the returns people asked us to review. And in the returns that passed … [Read more...] about Section 199A Deduction Rookie Mistakes
How the IRS Destroyed the Section 199A Deduction for Small Business S Corporations and Partnerships
I’ve got some bad news, unfortunately. The IRS may have destroyed or dramatically reduced your Section 199A deduction. At least if you’re a typical … [Read more...] about How the IRS Destroyed the Section 199A Deduction for Small Business S Corporations and Partnerships
Final Section 199A Regulation Correction: Separate v. Separable
On February 1, 2019, the IRS published a corrected version of their final regulations for Section 199A (available here). The corrections include a … [Read more...] about Final Section 199A Regulation Correction: Separate v. Separable
Section 199A Qualified Business Income Adjustments
The new Section 199A deduction gets complicated for dozens of reasons. But one nearly hidden complexity? The qualified business income adjustments, or … [Read more...] about Section 199A Qualified Business Income Adjustments
Salvaging Partnership Section 199A Deductions
You have probably already heard the bad news. Partnership Section 199A deductions get limited or even eliminated in many situations. If you’re a … [Read more...] about Salvaging Partnership Section 199A Deductions
Publication 535 Fleshes Out Additional Section 199A Details
A first version of some of the pages in 2018 IRS Publication 535 appeared a few days ago. (See here.) And conveniently the pages provide additional … [Read more...] about Publication 535 Fleshes Out Additional Section 199A Details