The 2017 Tax Act includes a new deduction for qualifying pass-through entities codified as Section 199A. Taxpayers other than corporations operating a business are generally allowed the deduction, subject to complex limitations, which require thoughtful planning to ensure taxpayers fully benefit. Certain classes of businesses deemed a “specified service trade or business” are subject to severe restrictions. However, for taxpayers not operating a specified service trade or business, use of the magic number equation explained below provides a simple and effective approach to maximize the deduction.
https://ncbarblog.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00TAXhttps://ncbarblog.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngTAX2019-01-30 13:45:092019-01-31 10:32:13Section 199A Pass-Through Deduction and the Magic Number