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I need clarification on how the 2017 20% pass through
I need clarification on how the 2017 20% pass through deduction (Section 199A) works in relation to an S-Corp with 1 shareholder and no employees, with a total income of $170k (joint filing). Would th… read more
Barbara
Barbara
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If I had four LLCs each making under 320k would I get the
If I had four LLCs each making under 320k would I get the 20% tax break? I would make a total of one million tho.… read more
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In the new tax law, incomes of chapter s corps will have an
in the new tax law, incomes of chapter s corps will have an automatic write off of 20K or 20% is that right?… read more
Lane
Lane
JD, MBA, CFP, CRPS
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I am in a bit of a new situation which I would like some
Hello, I am in a bit of a new situation which I would like some advice on how to handle in terms of taxes let me explain: … read more
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I am a US Citizen living in Los Angeles, CA. I have a
I am a US Citizen living in Los Angeles, CA. I have a full-time job in Los Angeles. In addition, I contract for a company in Canada (writing computer software). I have been doing this for a few years … read more
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Lane
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New interest deduction limitation: Our S Corp has gross
New interest deduction limitation: Our S Corp has gross receipts from rental and other business activities less than $25 million. Does the limitation apply in any way? Does it apply to residential ren… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I own 3 LLC's which are service related (financial advisory
I own 3 LLC's which are service related (financial advisory and Broker) businesses, each makes more than $500K net annually, the new tax law allows for a 20% deduction on first approx. $30oK of income… read more
Carter McBride
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Does single member LLC (disregarded entity) need to have
Does single member LLC (disregarded entity) need to have payroll for the CEO to benefit new tax deductions of 20% under 2018 tax reform? I understand that company needs to have payroll for the CEO and… read more
Lev
Lev
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What is the best way to set up a business with the new tax
Second opinion] What is the best way to set up a business with the new tax code? The business is a restaurant franchise that profits 250k a year. It would just be 1 person or I could add my spouse as … read more
ABC Accounting Group
ABC Accounting Group
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Lane, Under tax reform. A sole member LLC accounting firm
Hi Lane,Under tax reform. A sole member LLC accounting firm has QBI of $150k and taxable income of $300k and pays no wages. MFJ. Will they get the 20% of QBI deduction of $30k or 0 because they pay no… read more
Lane
Lane
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Doctoral Degree
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How can I conceptualize a business expense as it relates to
How can I conceptualize a business expense as it relates to my LLC? If I make a $100 in profit, how does $20 expense impact this if since I can deduct it against my taxes? In other words, since I know… read more
Robin D.
Robin D.
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I am a sole propriortor and file Schedule C. How will that
I am a sole propriortor and file Schedule C. How will that change under the new Tax Plan … read more
Tax.appeal.168
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2018 tax reform. I am a soleproprietor, and I get 1099 for
2018 tax reform. I am a soleproprietor, and I get 1099 for my services. Do I need to form an entity to get new tax benefit for pass through entities?… read more
Chad EA, CDFA®, CFP®
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I have read conflicting versions of the new Tax Cuts and
I have read conflicting versions of the new Tax Cuts and Jobs Act as it pertains to the 20% deduction for service businesses. One article indicated that taxpayers in a service business (accounting & l… read more
Lev
Lev
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In the new tax law 20 percent of revenue for pass-through
In the new tax law 20 percent of revenue for pass-through entity such as corporations filed with chapter S is deductible, is there a threshold for gross income on that on the personal return?… read more
Carter McBride
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Under the Republican Tax bill that's now going to be
Under the Republican Tax bill that's now going to be approved, will I be able to set up my wife's income as a qualified pass-through corporation? She is an independent contractor who makes about $50,0… read more
Barbara
Barbara
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14,994 satisfied customers
Based on the new federal tax plan released yesterday.... We
Based on the new federal tax plan released yesterday.... We have an LLC with 3 partners and no W-2 wages. We develop and sell software to companies across the world. Starting in 2018, will all of our … read more
Barbara
Barbara
Enrolled Agent, Paralegal
14,994 satisfied customers
A taxpayer, Form 1040 Schedule C, is on the cash basis. The
A taxpayer, Form 1040 Schedule C, is on the cash basis. The average revenue for the last 5 years is $5,100,000. There is no inventory. The NAICS is 423600Can he remain on the cash basis?… read more
Lane
Lane
JD, MBA, CFP, CRPS
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