As we move into Q4, now is the time to begin year-end tax planning.
The new Section 199A may be the most radical change of last year’s historic tax reform bill, and one not to be overlooked. Section 199A gives a 20 percent deduction of qualified business income to pass-through entity owners. The deduction has two components.
- Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business opera