You may be eligible for the qualified business income deduction if you are a small business owner.The Qualified Business Income (QBI) deduction provides small business owners with...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 01/09/2023
If you need additional time to file your taxes this year, the Internal Revenue Service allows you to make an extension. This gives you another six months to complete your return. And...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/18/2022
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Posted by Elliot Kravitz, ATP on 11/24/2020
Taxation of trust fund incomeDeath and taxes are two things that you cannot avoid in life. While there are ways to minimize your tax participation, you certainly can't get rid...
Posted by Carmen Garcia on 03/09/2021
Finding out your business's shape can seem like a chore, as there are many types of businesses to start. A good option is a limited liability company (LLC), which has some of the...
Posted by Don Bell Law on 01/18/2021
The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...
Posted by Schneiderman and Friedman on 12/28/2020
When a business has a net operating loss, it means there is a negative income. It happens when the tax that can be deducted from a company is more than taxable income. While this is...
Posted by Don Bell Law on 04/02/2020
April 15 has been the Tax Day in the US since 1955, or the following business day on the off chance that it falls on an end of the week or holiday. In spite of the way that taxes are...
Posted by LLOYD J CAZES CPA on 05/29/2019
Are you operating one single “owner” company or a member limited liability company? Thinking of making some multi-member LLC? In both ways, you are likely to face questions...
