The Tax Cuts and Jobs Act (TCJA), signed into law in December 2017, brought significant changes to the United States tax code, including alterations to how business income is taxed....
Posted by Rosovich & Associates, Inc. on 11/30/2023
If you're a savvy entrepreneur or a small business owner running two businesses simultaneously, you're likely looking for ways to maximize your tax deductions. Fortunately,...
You may be eligible for the qualified business income deduction if you are a small business owner.The Qualified Business Income (QBI) deduction provides small business owners with...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 01/09/2023
One good thing about trading is that all you have to do to become a trader is get started. Many people trade as a hobby, while others trade full-time for a living, and some traders...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 10/16/2022
As a new start-up entrepreneur, deductions can be accommodated. However, deductions are not rigid, they tend to undergo metamorphosis, and a deduction does not even remain forever....
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/24/2022
QBI, also known as qualified business income deduction is a form of tax deduction that allows business owners and qualified self-employed people to deduct as much as 20% out of their...
Finding out your business's shape can seem like a chore, as there are many types of businesses to start. A good option is a limited liability company (LLC), which has some of the...
The QBI (qualified business income deduction) allows individuals to deduct up to 20% of business income, REIT dividends, or PTP income from personal income tax returns. Those who are...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...