Tax Reform Guidance/Optimization of 199(A) Deduction
The Tax Cuts and Jobs Act of 2017 was the largest overhaul of the tax code in nearly three decades. The passing of this act creates major tax planning opportunities for businesses and individuals alike. Items that were affected were changes in tax rates, deprecation elections, estate taxes, and several deductions for small business owners such as the 199(A) deduction.
Once your AGI gets to a certain point, the 199(A) deduction will be phased out. We help to analyze your situation and optimize your 199(A) deduction.
Another tax code section that was introduced that greatly benefits small business owners was Section 168(k), which is the new bonus depreciation rules. We can help identify and implement this code section on your business to ensure you are taking advantage of all the deductions available to you.