This month’s tip courtesy of Natallia Z. Ioannou, CPA, CEP, MBT
Are you looking for answers about Tax Cut and Jobs Act’s new 20% deduction for QBI (Sec. 199A)?
Is your business entity organized as an S corporation and your taxable income on individual level is above $157,500 ($315,000 for joint filers)? You need wages and/or property to qualify for Section 199A benefit.
There are steps which can be done to possibly maximize Section 199A deduction.
One is to pay yourself a reasonable salary.