If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction.
You qualify for the Section 199A deduction— with Trump's new tax plan, exceptions do apply.
With Form 1040 taxable income equal to or less than the thresholds certain thresholds, even doctors, lawyers, accountants, financial planners, stockbrokers, manufacturers, retailers, consultants, and all other businesses with pass-through income may qualify for the deduction.
If your taxable income is above certain thresholds, you will need to consider tax planning- now!
Why now? Because some strategies require that you have time on your side.
If you are looking at a retirement plan strategy, you want time to consider your options and get that tax-savings plan in place.
As you can see, no issues.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.