#section199a

[stephensbrostaxservice]

RUNNING YOUR OWN BUSINESS IS A HELL OF A DRUG:⁣ ⁣ Running your own business is a hell of a drug with the new Section 199A buisiness income deduction. This allows small businesses a deduction of 20% of qualified business income earned in a qualified trade or business. ⁣ ⁣ Qualified trades and businesses include all trades and businesses except for performing services as an employee. ⁣ ⁣ Qualified business income is the net amount of qualified items of income, gain, deduction, and loss in accordance with a qualified trade or business under Section 199A. Activities must be effectively connected with the conduct of a business in the United States jurisdiction. ⁣ ⁣ If you have any questions in reference to Section 199A Qualified Business Income Deduction - contact 800-558-6821 or send a message @stephensbrostaxservice ⁣ #Deductions #Section199A #Qualified #Business #Income #IncomeTax #StephensBrosTaxService #HellOfADrug #RunningOwnBusiness #RickJames https://www.instagram.com/p/BocVtwQhjYl/?utm_source=ig_tumblr_share&igshid=aorz0mdg0ywl

[cpapartners]

Navigating Through Under-the-radar IRS Guidance on 199A Qualified Business Income (Accounting Today) - On April 11, four days before the filing deadline, the IRS quietly added 21 questions to its website page of frequently asked questions about issues related to Section 199A, the new 20 percent deduction for pass-through businesses. 

[cpapartners]

Statutory employees and the QBI deduction