{"id":869,"date":"2018-12-05T10:05:39","date_gmt":"2018-12-05T10:05:39","guid":{"rendered":"https:\/\/tysllp.com\/?p=869"},"modified":"2019-01-12T15:03:57","modified_gmt":"2019-01-12T15:03:57","slug":"tax-season-is-coming-vital-things-to-know-part-1","status":"publish","type":"post","link":"https:\/\/tysllp.com\/tax-season-is-coming-vital-things-to-know-part-1\/","title":{"rendered":"Tax Season is Coming – Vital things to know Part 1"},"content":{"rendered":"

Tax Cut and Jobs Act (TCJA) that was passed in late 2017,  has benefited businesses both big and small. For the business who can take advantage of the Qualified Business Income or (QBI) deduction for pass through entities it can be a real boon. The new tax code sounds like an awesome opportunity, if you can take advantage of it. Due to the complexity of all the changes in TCJA, capitalizing on those opportunities will require some thinking, planning, and a great accountant. On the face of it, the QBI 20% deduction  sounds simple enough. However, not every business will qualify unless they are intimately familiar with all the new details and regulations associated with the QBI.<\/span><\/p>\n

In fact, the IRS published 184 pages of proposed regulations just to try to clarify how to to qualify for the deduction. Most expect professionals in the field of tax preparation and accounting don\u2019t think that will be the end of the clarifications. OK so what are the three things you should know going into the tax season?<\/span><\/p>\n

So why create the Qualified Business Income Deduction in the first place?<\/span><\/h3>\n

Believe it or not, Congress wanted to instill fairness. The intent was to place small businesses on a level playing field with C Corporations by enacting a provision to assist pass-through entities. What is a pass through entity? Any business that is not a C corporation. Examples are limited liability companies (LLC), S corporations, partnerships and sole proprietorships.  <\/span>So basically 90% of all businesses in the US of A.<\/span><\/p>\n

The big happy moment in all of this is found in the new section 199A deduction, which many are calling the QBI deduction. In the past some of these pass through entities were taxed up to the highest individual tax bracket of 39.6% (now with the new tax law it is 37%). If you qualify for the QBI deduction and that is a big \u201cIF\u201d, your rate as a pass through entity could drop from the current 37% to 29.6%.  That sounds great, thing is remember \u201cIF\u201d you qualify? Qualifying for the deduction is not straight forward or easy to understand for the uninitiated. However, it is a significant tax and financial planning opportunity for those that do qualify. Finally, another reason you may seriously think about putting a plan in motion, is that QBI sunsets in 2025. So there maybe implications regarding wealth preservation that need to be quantified and considered.<\/span><\/p>\n

TYS LLP specializes in guiding our clients through the murky waters of the new tax laws and are here to advise you. Just call or visit us at www.tysllp.com<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Tax Cut and Jobs Act (TCJA) that was passed in late 2017,  has benefited businesses both big and small. For the business who can take advantage of the Qualified Business Income or (QBI) deduction for pass through entities it can be a real boon. The new tax code sounds like an awesome opportunity, if you can take advantage of it. … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":870,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[9],"tags":[43,42,6],"class_list":["post-869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-accounting","tag-tax-deductions","tag-tax-laws","tag-tcja"],"yoast_head":"\nTax Season is Coming - Vital things to know Part 1<\/title>\n<meta name=\"description\" content=\"Qualified Business Income or (QBI) deduction for pass through entities it can be a real boon but do you qualify. 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