If section 199A is entirely new to you, don’t worry! The Internal Revenue Service (IRS) released a new document earlier this month that breaks down some of the new specifics around the rules created for section 199A. In short, this complex section refers to a part of the tax code that mentions a newly created […]
199A Deduction
Understanding and Calculating the New 199A Deduction
The 2017 Tax Cuts and Jobs Act created a new deduction for pass-through business owners. Called the 199A deduction, or the Qualified Business Income Deduction, it allows taxpayers other than corporations – specifically S corporations, partnerships, and limited liability companies (LLCs) – a deduction of 20 percent of qualified business income earned (also referred to […]