Pass-Thru Entity Deduction 199A Explained & Made Easy to Understand!
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YouTubeNathan Accounting Group
Pass-Thru Entity Deduction 199A Explained & Made Easy to Understand!
Hi All, I am honored to explain this new complication to the tax law for businesses. This is a section of the law that I try to put into plain language. I unpack the law step by step to make it easy for you to understand. Please let me know how you think we did with this. We are always looking for feedback. Also, please let us know what else we ...
23.1K viewsJan 17, 2018
Qualified Production Activities Income QPAI Deduction
Eligible taxpayers can deduct up to $25,000 of qualified tip income from federal taxable income. This is an above-the-line deduction, meaning it reduces income before AGI is calculated. 🔹 Who qualifies ✔️ Workers in customarily tipped occupations ✔️ Tips must be reported income ✔️ You must have a valid Social Security number ✔️ Subject to income limits and phase-outs 🚫 This does not apply to professions like law, accounting, or consulting. 🔹 What still applies ❗ You still report all tip incom
1:52
Eligible taxpayers can deduct up to $25,000 of qualified tip income from federal taxable income. This is an above-the-line deduction, meaning it reduces income before AGI is calculated. 🔹 Who qualifies ✔️ Workers in customarily tipped occupations ✔️ Tips must be reported income ✔️ You must have a valid Social Security number ✔️ Subject to income limits and phase-outs 🚫 This does not apply to professions like law, accounting, or consulting. 🔹 What still applies ❗ You still report all tip incom
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Qualified business income deduction | Internal Revenue Service
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This year, there are two new forms for the recipients of Section 199A income to report deductions. Richard Furlong, IRS Senior Stakeholder Liaison, provides recommendations you should consider when handling these forms. For more Pennsylvania tax resources, visit www.picpa.org/taxresources. | Pennsylvania Institute of CPAs - PICPA
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This year, there are two new forms for the recipients of Section 199A income to report deductions. Richard Furlong, IRS Senior Stakeholder Liaison, provides recommendations you should consider when handling these forms. For more Pennsylvania tax resources, visit www.picpa.org/taxresources. | Pennsylvania Institute of CPAs - PICPA
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11 reactions | Focus on the RIGHT activities. Income producing activities MUST be priority! [@bryancasella] #therealbrokerage #realbroker #workhardbekind | Real | Facebook
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