Machen McChesney

DECEMBER 13, 2022

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction.

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ThomsonReuters

MARCH 5, 2024

According to the IRS, this includes changes in deductions, expensing, tax credits, and other items that affect businesses and individuals. 199A deduction for the qualified business income (QBI) of pass-through entities, Rose believes that the expiration of other provisions will be welcomed by both employers and employees.

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ThomsonReuters

MARCH 1, 2024

The following guide offers numerous strategies and tips that owners of S corporations can use to lower their taxes, including deductions and credits. However, shareholders who incur out-of-pocket expenses related to the business cannot be deduct them on their tax return. How are S corporations taxed? When are S corps taxes due?

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ThomsonReuters

FEBRUARY 8, 2024

Return of Partnership Income, on which the LLC reports profits, losses, credits, and deductions related to the business. When filing their own taxes, individual members use Schedule K-1 (Form 1065) to show their share of income, credits, and deductions received from the LLC. branding, logos, banners, business cards, etc.)

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Trout CPA

APRIL 13, 2022

As the 2021 tax filing season progresses, small businesses and self-employed taxpayers should make certain they are taking advantage of all of the tax deductions and opportunities available to them on their 2021 federal income tax returns.

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Cooley M&A

SEPTEMBER 27, 2021

Capping the deduction for qualified business income under Code Section 199A (Section 138204). Expanding the 3.8% Making permanent the Code Section 461(l) disallowance of “excess business losses” (Section 138205).

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