As with all things regarding tax code, the full answer is extremely long and complicated, but here's the very short answer: the new tax law from 2018 has a provision that allows for a reduction of 20% of your taxable income from "pass-through" businesses such as S-corps.
The amount of income for the Section 199a reduction, is reported to you on your s-corp's form K-1. The reduction amount is determined on your personal tax return (subject to many other factors and provisions).
For more on Section 199a Deductions:
See also What is Tax Planning and why do I need it?
See also How can I set up an IRS Tax Payment Plan?
See also How can I set up an IRS Tax Payment Plan?
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