New IRS Guidance on the Qualified Business Income DeductionRobert P. AchenbachAgricultural Law Press
In the bargain, I’d get a 20 percent break on my self-employment income, what the Tax Cuts and Jobs Act of 2017 calls the Qualified Business Income Deduction; our rates would drop somewhat; and we’d lose personal exemptions but gain a child tax credit. Which ones would outweigh the ...
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Business aircraft are often used for both business and personal reasons by officers, executives, other employees, shareholders, and partners. The federal tax rules allow a business deduction for expenses of maintaining an asset, such as a corporate jet, if it’s used for business. However, using...
IRS standard deduction Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical...
Uncle Sam wants to reimburse you for your environmentally sound purchase if you do by giving you a qualified electric vehicle tax credit. Forms and Instructions You'll find all the links for the essential forms you'll need on this menu on the website, along with printable publications for th...
The Internal Revenue Service (IRS) today issuedfinal regulationsthat provide added guidance regarding the additional first year depreciation deduction underInternal Revenue Code section 168(k), including the correction toqualified improvement property (QIP) depreciationmade by the Coronavirus Aid, Relief, ...
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Even though April 15 is fast approaching, there are still qualified tax prep experts who can assist you. Erica LambergMarch 15, 2024 Filing Last Minute: Pros and Cons Filing closer to April 15 will give you time to collect tax documents and help you avoid amending a return, but the more...
standard deduction. For example, if a single taxpayer’s itemized expenses total $15,000, they would likely itemize rather than take the $13,850 standard deduction. However, if the same filer’s qualified expenses total just $8,000, they would save money by taking the standard deduction. ...