Section 199a

BooRad

New Member
Yes, I think I posted something about this on another thread but I come from a family of CPAs and I'm just about certain you are correct.

I like to add if you do not agree with the president and want to join the resistance, feel free to tell your accountant to put the 20% back on top and pay more taxes.

But I think the most of us will be very surprised when we learned of this new deduction small business is now entitled to.

Sorry to jump on your post with the political thread but the two are connected. MAGA

Thank you!
 

ward

Well-Known Member
Yes, I think I posted something about this on another thread but I come from a family of CPAs and I'm just about certain you are correct.

I like to add if you do not agree with the president and want to join the resistance, feel free to tell your accountant to put the 20% back on top and pay more taxes.

But I think the most of us will be very surprised when we learned of this new deduction small business is now entitled to.

Sorry to jump on your post with the political thread but the two are connected. MAGA

Thank you!
LOL. The Roman satirist Juvenal called such these kind of efforts to appease the horde 'bread and circuses'. But the bread and circuses of appeasement won't make Trump a great leader--just another gangster trying to buy off a constituency. A broken clock is right twice a day and yet we don't go around praising broken clocks or even trying to set our time by them. We'll take the bread, but we don't have to go to the circus.
 

ATH

Well-Known Member
Looks like business owners are entitled to a new tax benefit, Section 199a. Passed Congress last year. Just now learning of this and thought I'd pass it along. 20%.


https://www.irs.gov/newsroom/irs-issues-proposed-regulations-on-new-20-percent-deduction-for-passthrough-businesses

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs
Thanks for the heads up! I've started gathering things for taxes, but haven't started plugging numbers into the software yet. Might this be the first year I withheld too much? Haven't had a refund in probably over a decade!
 
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