How about we compound that issue with the least surprising news all year ..http://thehill.com/policy/finance/391295-us-deficit-surges-to-530-billion-in-may-cbo
Halfway through the year....people entitled to the Qualified business income tax deduction need to have roughly 40% of their estimated tax liability paid in by next Friday. And still no clarifications have been offered on how this deduction works or what a specified business is.Thanks IRS, doing great as always.
That's the basics. Gets more complicated than that though when you have clients in gray area service industries, multiple pass through entities.... some with losses, some with income. Then theres the whole rental income issue and if that's a business or an investment.