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Section 199A

199A Deduction Errors Cost Small Businesses Big Refunds

May 16, 2022 By Stephen Nelson CPA

Fixing 199A Deduction Errors is awkward but a good idea.

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

Filed Under: business taxes, Section 199A

Tax Strategy Tuesday:  Convert Guaranteed Payments to Qualified Business Income

December 14, 2021 By Stephen Nelson CPA

Convert quaranteed payments into QBI to salvage 199A deductions.

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

Filed Under: business taxes, individual income taxes, Section 199A, Tax Strategy Tuesday

Physician 199A Deductions Can Work (if You Know Rules)

June 22, 2020 By Stephen Nelson CPA

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)

Filed Under: business taxes, Corporate taxation, Section 199A

Ignoring IRS 8995 Instructions to Double-deduct Self-employed Health Insurance

January 28, 2020 By Stephen Nelson CPA

horse with blinder picture for 8995 instructions blog post

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

Filed Under: Corporate taxation, insurance, Section 199A

Section 199A Deduction Rookie Mistakes

October 17, 2019 By Stephen Nelson CPA

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

Filed Under: business taxes, real estate, Section 199A

How the IRS Destroyed the Section 199A Deduction for Small Business S Corporations and Partnerships

September 4, 2019 By Stephen Nelson CPA

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

Filed Under: business taxes, Section 199A

Final Section 199A Regulation Correction: Separate v. Separable

March 15, 2019 By Stephen Nelson CPA

Section 199A final regulation correction changes "separate" books requirement.

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

Filed Under: business taxes, individual income taxes, Section 199A

Section 199A Qualified Business Income Adjustments

February 8, 2019 By Stephen Nelson CPA

Picture for qualified business income adjustments blog post,

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

Filed Under: Section 199A

Salvaging Partnership Section 199A Deductions

January 10, 2019 By Stephen Nelson CPA

For partnership Section 199A blog post, a picture of Large tracked excavator working a steel pile at a metal recycle yard, France

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

Filed Under: business taxes, Section 199A

Publication 535 Fleshes Out Additional Section 199A Details

December 22, 2018 By Stephen Nelson CPA

Picture of jets on tarmac in Zurich, gridlocked. A metaphor for CPA firms waiting for Section 199A final regulations.

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

Filed Under: Section 199A

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Featured Posts

Bonds matter to portfolios when investors want to minimize downside risks

Why Bonds Matter for Your Portfolio

A couple of times recently, I’ve encountered people who argue you or I should not invest any part of a portfolio in bonds. Or who argue only a small … [Read More...] about Why Bonds Matter for Your Portfolio

Grouping activities may lead to material participation

Grouping Activities to Achieve Material Participation

This week, a quick discussion of grouping activities as backdoor way to materially participate. But first a bit of background about what material … [Read More...] about Grouping Activities to Achieve Material Participation

The qualified family-owned small business deduction can save Washington capital gains taxes. But rules area maze.

The Qualified Family-Owned Small Business Deduction

If you own or invested in a Washington state small business, you want to know about the qualified family-owned small business deduction. And here’s … [Read More...] about The Qualified Family-Owned Small Business Deduction

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