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Interested in information about new tax laws and their

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Interested in information about new tax laws and their effect on S Corporations

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Do the new tax laws effect the pass through income for owners of S Corporation

Accountant's Assistant: Is there anything else the Accountant should be aware of?

In 2017 the pass through income was 300,000 for each of two owners,

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Answered in 8 minutes by:
1/8/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,334
Experience: Taxes, Immigration, Labor Relations
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Yes - the new tax law will affect S-corporations as well.

Specifically - there will be additional 20% deduction to pass through business income - that will reduce your taxable income which will be reported on your personal tax return.
Another provision - will reduce your marginal tax rates.

Let me know if you are looking into any details.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,334
Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 7 months ago
What exactly do you mean an additional 20% deduction (what is the additional deduction ?0
NPVAdvisor
NPVAdvisor, CFP Licensee and Practitioner
Category: Tax
Satisfied Customers: 180
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You will find some detailed information about that new 20% deduction here

https://www.forbes.com/sites/anthonynitti/2017/12/26/tax-geek-tuesday-making-sense-of-the-new-20-qualified-business-income-deduction/

Let me know if you need any help.

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