As part of the Tax Cuts and Jobs Acts passed in December of 2017, IRC Section 199-A was created, which allows owners of small businesses — including partners, owners of S corporations and sole ...

In our last post we mentioned that the IRS had finally released the draft instructions for the new Form 8995 (used to calculate the Section 199A Qualified Business Income deduction). In the ...

The 2017 Tax Cuts and Jobs Act has resulted in numerous changes to the tax laws— both on the individual and business levels. Some of the most impactful changes affecting 2018 and beyond are those ...

Beginning with the 2018 taxable year, owners of pass-through entities engaged in qualified businesses can claim a U.S. federal income tax deduction up to 20 percent on their qualified business income.

Owners of pass-through entities may be able to take a 20 percent deduction for their qualified business income (QBI) (Code §199A). This personal deduction lowers the effective tax rate on profits from ...

The Internal Revenue Service is estimating that nearly 23.7 million taxpayers may be eligible to claim a new 20 percent tax deduction for qualified business income provided by the Tax Cuts and Jobs ...

As we near the beginning of the race to complete our 2021 taxes, there is still time to decrease your small business taxes for 2021. You can also increase your QBI business tax deduction by increasing ...

A significant but complicated tax deduction for business owners that could expire at the end of next year has delivered savings for some — especially the wealthiest owners. Its impact on jobs and ...

Freelancing can be notoriously difficult, but a new tax break might make things easier" that is, if you're already wildly successful. The One Big Beautiful Bill Act will permanently extend and enhance ...

Editor’s note: The IRS issued final regulations under Sec. 199A on Jan. 18. For coverage, see “Qualified Business Income Deduction Regs. and Other Guidance Issued.” The article below has been updated ...

Is a rental real estate activity considered a trade or business for tax purposes, or merely an investment? This question has entered the spotlight with the qualified business income (QBI) final ...