If you own a business, you may wonder if you’re eligible to take the qualified business income deduction (QBI deduction).
QBI Deduction Basics and How to Qualify
Tag: qbi
4 Year-End Tax Planning Strategies for Small Businesses
September is a great month to start planning strategies that could reduce your small business taxes for this year and next. For the majority of businesses, the traditional year-end tax planning strategy of deferring income and accelerating deductions to minimize taxes will probably yield the most significant results. In addition, owners should consider bundling deductible
3 Tax Deductions for Small Businesses
Tax benefits that aren’t available to larger businesses may be available to your small business. Here are some examples of tax deductions for small businesses.
Tax Breaks for Rental Real Estate
If you own rental property, classifying it as a trade or business can have an impact on the tax breaks for rental real estate.
10 Facts About the Pass-Through Deduction for QBI
Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction.
Rental Real Estate: Determining if a Property is a Business or an Investment
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill.
Which Entity Type is Best for Me?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%.
Should you Switch from an S Corp to a C Corp?
For decades, business owners debated the merits of switching from a C corp to an S corp, mainly for the tax advantages offered by an S corp to its owners. With the new tax act in place, the debate has flipped, and S corp owners are wondering if changing to a C corp might be advantageous.