Tax Tips

Tax Overhaul and the New Qualified Business Income (QBI) Deduction
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Tax Overhaul and the New Qualified Business Income (QBI) Deduction

Tax Tips

Tax Overhaul and the New Qualified Business Income (QBI) Deduction

By Michael Church|2018-12-11T13:17:52+00:00August 1st, 2018|Tax Tips|

One of the more important provisions in the most recent tax overhaul, known as the Tax Cuts and Jobs Act, enacted in December 2017, is the new section 199A, the deduction for qualified business income (QBI). Section 199A allows a deduction for up to 20% of QBI from partnerships, limited liability companies (LLCs), S corporations, trusts, [...]

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3 Effects of Tax Overhaul on Your Business
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3 Effects of Tax Overhaul on Your Business

Tax Tips

3 Effects of Tax Overhaul on Your Business

By Michael Church|2018-12-11T13:22:41+00:00January 18th, 2018|Tax Tips|

1. Corporate Tax (C-corps) Previously, income was taxed on a graduated basis with income over $10M at a rate of 35%. The overhaul revises this to a flat tax rate of 21%. Corporate AMT was also repealed. 2. Accounting Method The cash method of accounting has been expanded to include taxpayers with gross receipts averaging less than $25M in the [...]

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