by hoodlawkc | Tax Planning, Tax Law
Let’s face it, Americans dread bureaucracy, and when it comes to bureaucracies, there are few as imposing as the Internal Revenue Service. Complaints and jokes about the seemingly unending string of numbered forms, schedules, tables, and references are a...
by hoodlawkc | Business Law, Tax Law, Tax Planning
In a previous blog post regarding the new Section 199A “Qualified Business Income” deduction, we mentioned that the deduction is reduced or eliminated for higher income owners of Specified Service Trades or Businesses (“SSTBs”). These are businesses that typically...
by hoodlawkc | Business Planning, Tax Planning
Earlier this month we outlined the new Section 199A of the Tax Cut and Jobs Act, which provides a 20% deduction to certain pass-through businesses. Today we take a closer look at the asset and wage limitations that restrict the deduction for high-earners. While “high...
by hoodlawkc | Business Planning, Tax Planning
Many of our readers are likely already aware of the Sec. 199A “Qualified Business Income” (QBI) deduction. For those who aren’t, this deduction provides a 20% reduction in taxable income for owners of pass-through entities, such as sole proprietorships, partnerships,...
by hoodlawkc | Business Planning, Tax Planning
The sweeping tax reforms recently proposed by Donald Trump’s White House have given rise to a high degree of media scrutiny, public debate, and strongly held personal convictions. If passed, proposals to abolish the estate tax, re-work tax brackets, and do away with a...
by hoodlawkc | Business Planning, Tax Planning
W-2s and Form 1099 Misc Note that all employers must provide W-2s to employees and Forms 1099 Misc for the 2016 taxable year to independent contractors on or before January 31, 2017. Furthermore, the same January 31, 2017 date applies to the filing requirement with...
