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Qualified Business Income Deduction

Qualified Business Income Tax Deduction

The Tax Cuts and Jobs Act introduced a non-corporate tax deduction called Section 199A Qualified Business Income (QBI) Deduction to incentivize taxpayers to set-up businesses as pass-through entities. The QBI deduction provides taxpayers a deduction of up to 20% of their qualified business income (net profit) from a pass-through entity for tax years 2018 to…

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Opportunity Zone Investments

Opportunity Zones is a new community development program used to incentivize investments for distressed low-income communities by offering tax benefits to investors. It was established by the Tax Cuts and Jobs Act of 2017. Businesses or individual investors can invest capital gain amounts in Opportunity Zones through a Qualified Opportunity Fund (QOF). The reinvestment of…

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Opportunities for Enhanced Cash Flow and Debt Management

CARES Act income tax provisions provide much needed economic relief to small business nationwide. It temporarily lifts some of the restrictions imposed by the 2017 Tax Cuts and Jobs Act that limited tax benefits for deductions and losses. The TCJA tax reform disallowed carryback of NOLs, allowed the NOL to only offset 80% of taxable income, limited…

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How to Maximize Tax Deductions

The Tax Cuts and Jobs Act (TCJA) changed limitations for small business capital expenditures. It increased both section 179 limitations for expensing and bonus depreciation percentages. Allowing businesses to deduct the full purchase price of long term assets such as equipment, office furniture, cell phones, computers, and vehicles. Recently the CARES Act, passed in March 2020,…

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