by Betro and Company, PC | Mar 4, 2019 | Tax Savings
A general partner is taxed on partnership income that comes to him or her in the form of guaranteed payments and profit distributions. Profit distributions are qualified business income (QBI) for the Section 199A 20 percent tax deduction. Guaranteed payments and...
by Betro and Company, PC | Mar 1, 2019 | Tax Savings
When possible, you want to claim that your office in your home qualifies as a principal place of business because this classification gives you the home-office deduction, andeliminates commuting from your home to your regular office. Current law gives you two ways to...
by Betro and Company, PC | Feb 28, 2019 | Tax Savings
Your Section 199A tax deduction will benefit from your business’s W-2 wages paid to you and your employees if you are married and filing jointly and your taxable income is over $315,000 and less than $415,000;are filing as single or head of household and your taxable...
by Betro and Company, PC | Feb 25, 2019 | Tax Savings
Remember, new tax code Section 199A offers you a 20 percent tax deduction gift if you have pass-through business income (such as from a proprietorship, a partnership, or an S corporation), and2018 taxable income of $315,000 or less (married, filing jointly) or...
by Betro and Company, PC | Feb 18, 2019 | Tax Savings
The Section 199A 20 percent tax deduction is a gift from lawmakers—literally. You don’t earn this deduction; it’s simply there for you if you qualify. Under the trade or business rule, your rental property profits can create the deduction. And now, under an...
by Betro and Company, PC | Feb 11, 2019 | Tax Savings
New tax code Section 199A can give you a tax deduction of up to 20 percent of your taxable income reduced by net capital gains. In new final regulations, the IRS has provided clarity on the capital gains component of the Section 199A tax deduction. The Section 199A...
