CPA, JD
An IRS senior administration official stated that IRS will issue Qualified Business Income Deduction (QBID) regulations by the end of July according to Bloomberg. These regulations will help outline the specific requirements and limitations for claiming the QBID deduction.
Veterans who received disability severance payments after January 17, 1991 and included that payment as taxable income should file Form 1040X, Amended U.S. Individual Income Tax Return.
Taxpayers can place up to $1,000 per year for an individual or $2,000 per year for a family or joint filing couple into pre-tax medical accounts (HSA/FSA accounts) for reimbursement of physical activity expenses.
Possibly the most important change is that the TCJA created a new 20 percent deduction for qualified business income from sole proprietorships, S corporations, partnerships, and limited liability companies taxes as partnerships.
These laws established Tax incentives designed to stimulate the establishment and development of a wide array of ventures, among them manufacturing, social media, other internet-based operations, commercial businesses, and the export of services.
Nazario Díaz and Assoc. your one stop Business Consulting Firm with 28+ years of tax consulting experience. Here are some of our strengths in Tax…