October 21, 2018
We have had a number of clients who have been confused about the starting point for the new Section 199A tax deduction.
Let me clarify: taxable income is the sole starting point for your Section 199A deduction.
When your taxable income is equal to or less than the threshold of $157,500 (single) or $315,000 (married, filing jointly), your 199A deduction is the lesser of
20 percent of your taxable income reduced...
October 7, 2018
You probably like your personal vehicle just as it is.
But wouldn’t you like it far better if it were producing tax deductions? Perhaps big deductions, immediately. And the Tax Cuts and Jobs Act (TCJA) gives you the tax reform road map on how to do this.
Of course, to make this happen, you need to strip your personal vehicle of its personal status and re-dress it as a business vehicle. This is not difficult.