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I have a client who is a financial advisor/insurance sales.
For LaneHi Lane,I have a client who is a financial advisor/insurance sales. He gets paid on a 1099 to his social security number and as a statutory employee on w-2.In order to maximize QBI deduction i… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,202 satisfied customers
For a company that is currently setup as a sole proprietor
For a company that is currently setup as a sole proprietor and earns about 1.5 million in revenue, what is the best entity structure to change into for tax savings purposes? Is an LLC better pr an LLC… read more
DK_CPA
DK_CPA
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Master of Science in Accounting & Taxationb
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As realtors my wife and I had $134,000 earnings in real
As realtors my wife and I had $134,000 earnings in real estate on 1099. How and where do you claim the 20% business income deduction, using Home and Business edition of TurboTax. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,202 satisfied customers
Question about figure from Schedule K1 / Qualified Business
Question about figure from Schedule K1 / Qualified Business Income Deduction. The figure is entered on Line 9 of the 1040, but do I need to enter the figure on schedule 1 line 12?… read more
Carter McBride
Carter McBride
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I am using Drake Software and had a question about QBI. I
Hello, I am using Drake Software and had a question about QBI. I have a client who is a Cigar Wholesale. Why does he qualify for a QBI when I export his K-1 from S Corp to his personal return? QBI is … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,718 satisfied customers
A taxpayer receives a K-1 from an S Corporation which he is
A taxpayer receives a K-1 from an S Corporation which he is a 50% stockholder in. In block 20 (Other Information), one of the lines is coded AB & the amount on this line is 502,000. I am aware that co… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,202 satisfied customers
I have a simple question. I am self-eployed and want to take
Hello. I have a simple question. I am self-eployed and want to take advantage of the QBI deduction. Is there a form I need to file? Is the calculation as simple as 20% of my net income? I make the nec… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,718 satisfied customers
Under the next tax law, how is the incom determined for an
For Carter,Under the next tax law, how is the incom determined for an SCorp? I was told it was based on actual income, interest earned and maybe payroll?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,202 satisfied customers
I'm plowing through my S-corp taxes with TurboTax, and I
I'm plowing through my S-corp taxes with TurboTax, and I have come to Form 199A. My S-corp is a personal service corp and I am the owner and sole employee; I do electrical engineering consulting. It l… read more
Carter McBride
Carter McBride
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In reference to QBID, if MFJ is less than $315,000.00, does
In reference to QBID, if MFJ is less than $315,000.00, does the capital gain limitation still apply? I have $50,000.00 Schedule C income but over $100,000.oo in dividends and capital gains.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I own 5 rentals, 4houses and one small commercial unit,
I own 5 rentals, 4houses and one small commercial unit, which net me $34k. I'm 50 percent owner with a friend. Also a small sch C income, net $37k They all bring me a profit. In trying to get the new … read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
1,858 satisfied customers
My husband has W-2 income. I have a small business with
My husband has W-2 income. I have a small business with business income reported on Schedule C as $12,264. Our joint taxable income is below $315,000. I am taking below the line deductions for SE taxe… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
1,858 satisfied customers
Qbi deduction for taxable income > 415000. Can the 50% of W2
qbi deduction for taxable income > 415000. Can the 50% of W2 wages of the business be used as qbi deduction? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
12,896 satisfied customers
I was reading several articles about the new 199A section,
Hi Roger, I was reading several articles about the new 199A section, In my case, if I am the sole owner of an S corp, I sell software online and made more than $500K , I am not marries, then how the l… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,202 satisfied customers
I file a Trust Return for my deceased wife. I pay tax on any
I file a Trust Return for my deceased wife. I pay tax on any capital gain, and any income is passed through to me on a K-1. From what I read, under the new tax law, REIT's, S corps, Partnerships, and … read more
Tax.appeal.168
Tax.appeal.168
Principal
7,220 satisfied customers
Lane - Can you run this scenario for me using your section
Hi Lane - Can you run this scenario for me using your section 199A model that you have. Here are the factors:S Corp Engineering Firm so a non service relatedW-2 Employees of $1,728,000 ($701,000 of W-… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,202 satisfied customers
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
JD, MBA, CFP, CRPS
Doctoral Degree
18,202 satisfied customers
New pass-through regs. Our S corp has the following type of
New pass-through regs. Our S corp has the following type of income: ordinary business income, net rental income, dividends, and capital gains. The S corp pays no salaries. Does the 20% deduction apply… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,974 satisfied customers
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