Here we go… 1. Who should get the miles for business travel?
This deduction will produce big savings for many pass-through entities and real estate investors. But the deduction comes with some tricky calculations and complicated limitations. To understand and begin planning for the deduction, therefore, you need to dig into the details. More specifically, this means your qualified business income includes the bottom-line profits from an active trade or business as shown on the Schedule C form and in box 1 of a partnership or S corporation K-1, probably the rental income shown on a Schedule E form and in boxes 2 and 3 of a partnership or S corporation K-1, and then not the capital gains but rather the Sec.
Qualified business income also includes REIT dividends and qualified coop dividends. This logically makes sense since REITs real estate investment trusts and qualified coops are also pass-though entities.
Qualified business income does not include foreign earned income. Limitations on Section A Deduction The Section A qualified business income deduction gets limited in a couple of situations. By the way, this wages-based limitation will mean that high income sole proprietors, partnerships and real estate investors without W-2 employees will miss out on the deduction unless they form an S corporation.
Again, this logic sort of matches the old Section deduction just mentioned. Further, this housekeeping point: You count as wages only amounts your business timely reports to the Social Security Administration.
Another blog post that appears here, Sec. Section A phase-out calculations. Three Other Things to Know Let me also cover three other things you want to know… First, the Section A qualified business income deduction starts in and ends after The deduction, in other words, only works for the next few years… Second, the deduction reduces your income subject to federal income taxes.
Final version of Tax Cuts and Jobs Act. Interested in even more info? Subscribe to our free mailing list We regularly blog about taxes. Especially small business tax laws like the Section A deduction.
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