Some uncertainty still remains over defining a trade or business within the context of the legislation, particularly with real estate, said Jeffrey Levine, CPA and CEO of Blue Print Wealth Alliance For instance, if someone owns a building, but the tenant agrees to pay all real estate taxes, insurance and maintenance on the property, does the owner have the right to take the 20 percent deduction?
That's not immediately clear, but it's unlikely that that will deter filers from nabbing the break, said Levine."This is an area where people will be aggressive claiming the deduction," he said.
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Limitations on the break kick in above those thresholds.
And to make matters more complicated, "specified service trades or businesses," including doctors, lawyers and other professionals, can't take the deduction if their taxable income exceeds 7,500 if single (5,000 if married and filing jointly).Small-business owners received a gift from the tax overhaul in the form of a 20 percent qualified business income deduction.This is a break for pass-through entities, including sole proprietorships and S-corporations.We want our CPA tax accountants to be part of your team and are invested in meeting your goals with smart tax planning.For Example: Over the years, we’ve seen lots of businesses grow to a certain size and get an offer to sell.As an IRS Enrolled Agent, we are licensed to provide tax services for your business in all 50 states. At BBTA, you get all the services of a large accounting firm at a reasonable price and with friendly service. Your year-end tax planning doesn’t have to be hard. Attempting to cut your tax liability by getting into IRS grey areas can cause you problems later...I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Two questions: Do you need a replacement business car, SUV, van, or pickup truck? Who to Call for Tax Solutions in Aventura Tax season isn’t easy for anyone, especially business owners.Uncle Sam cracked down on business owners' schmoozing with clients in the Tax Cuts and Jobs Act, curtailing the extent to which they can claim deductions for meals and entertainment.Under the old tax law, employers could deduct 50 percent of the cost of entertainment-related meals and 50 percent of the face value of a ticket to a sporting event.