TRY THE 20% DEDUCTION IN QBI TAX CALCULATOR – TAX CUTS AND JOBS ACT

HERE IT IS: Click here to link to the Online Calculator

Consider deductions on your 2017 tax returns as it may be the last chance you may have to itemize. The standard deduction has increased substantially and many of the deductions you are used to taking are discontinued in 2018. If you filed an extension for your pass through entities ( LLC, Partnership, or S Corp ) last Thursday, March 15, 2018 you have time to consider all the deductions you can take on your 2017 tax returns, as it may not be as beneficial in 2018 due to the increased standard deduction, decreased personal income tax rates and the 20% deduction in qualified business income. Individuals, Sole Proprietors, and Corporations may want to be creative as well. C Corp’s, along with individuals, have till April 15, 2018 to file their 2017 federal tax returns. C Corps also benefit from lower corporate tax rates in 2018.

Realtors may be effected by the changes in the tax law as professionals, however, issues with withholding for international clients on real estate closings and obtaining short term rental licenses and withholding certificates, still remain in effect and can be handled smoothly despite the changes.

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