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Passthrough Income Tax
Get the most of your deduction
We can help with your specialized needs
One of the most important changes in the recently passed Tax Cuts and Jobs Act (TCIA) relates to the Section 199A deduction for Qualified Business Income (QBI). For those who are not tax accountants, this refers to the new 20% deduction for pass through income received.
This law applies to sole proprietors who report their income on Schedule C, single and multi-member LLC’s, partnerships, and S-corporations and should be a boost to tax savings for many business owners and investors.
There is great potential for tax savings starting in 2018. However, there are several limitations to this, but the details are very complex and must be analyzed on a case by case basis. It is highly advisable that you speak with us further as 2018 progresses to know what effect, if any, this will have on you.
- Tax Return Preparation
- Tax Planning & Projections
- Tax Cuts and Jobs Act (TCIA) Consulting
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Hancock Askew's full-service team provides multiple services with an emphasis on maximizing value to the client through our knowledge, insight and meticulous methodology.CONTACT US