Qualified business income (QBI) deduction is available for a sole proprietorship, partnership, S corporation, and certain trusts, estates, and rental properties. The tax code says QBI includes the net dollar amount of qualified items of income, gain, deduction, and...
Why is the home-office deduction so important? Is it really that different from other business deductions? The answer is YES! Two Reasons There are two reasons why this deduction is important for every single business owner and is in a class of its own:1. It’s...
If you are a high earner AND not in the out-of-favor specified service trade or business group, you may want to consider operating as an S corporation to qualify for the new Section 199A 20 percent tax deduction. If you currently file as a Schedule C taxpayer because...
We specialize in helping clients clarify their taxes so they keep more of their money. Many small business owners who come to see us in Fort Worth, TX are generally unaware of even the basic tax saving strategies. Setting up an accountable plan is one of the best...
