Tax planning strategy isn’t one-size-fits-all, but there are some approaches that are generally accepted as smart and effective for small businesses. If you’re looking to minimize what you could owe on income taxes, the following strategies could help. Time Income and...
Qualified Business Income Deduction
Self-Employed Tax Deductions and Credits Not to be Overlooked
The tax deductions below are available to the self-employed, but they’re not always known and/or claimed on tax returns. Read on to find out how these important credits and deductions can help reduce your tax bills. Home Office Deduction A portion of the total cost of...
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 […]