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.
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.
huh....it's all very clear on my end.
Basically net income x 20% is the deduction. Certain service businesses (lawyers, doctors, accountants, etc) have a deduction phase out once their net income hits a certain point (roughly $160K single, $330K MFJ)
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.
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.
ok so you are referring to some nuances there. Above you acted like there was nothing describing it at all.
I've already been to 4 seminars that discuss the new shit. There is always gray areas until items get clarified.
Remember the Thomas Nine !! (10/02/2018) The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago 2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy 2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE) 2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston 2020: Oakland, Oakland:2021: EV Ohana, Ohana, Ohana, Ohana 2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville 2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
I thought that big huge corporate tax reduction was going to lead to money coming back and investments in the US? What did I miss? Oh right, I never believed that line to begin with.
Seems Americans just want to spend and spend and spend some more. It is a government for the people by the people, right? And it’s Faux news so you know it’s true. And fair and balanced.
More tax reform brilliance, brilliantly written to check a box and pay back the donor class. Team Trump Treason at it again. What will Team Trump Treason’s personal benefit be? Anyone? 3D? Anyone at all?
The U.S. budget deficit widened to $898 billion in the 11 months through August, exceeding the Congressional Budget Office’s forecast for the first full fiscal year under the Trump presidency.
The U.S. budget deficit widened to $898 billion in the 11 months through August, exceeding the Congressional Budget Office’s forecast for the first full fiscal year under the Trump presidency.
According to the BLS, wages in the past 12 months have increased by a seasonally adjusted .4%. During the Obama admin, it increased at a 4% clip. While that is fairly anemic as well, he didn't slash corporate taxes.
"“It’s disappointing, but it’s not a Republican problem,” McConnell said Tuesday in an interview with Bloomberg News when asked about the rising deficits and debt. “It’s a bipartisan problem: unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future.”
This is the problem. His 1st inclination is to pass blame. I agree that it's a bipartisan issue overall, but not this specific issue. This was a Repub controlled congress and president. They passed it. They own this.
"“It’s disappointing, but it’s not a Republican problem,” McConnell said Tuesday in an interview with Bloomberg News when asked about the rising deficits and debt. “It’s a bipartisan problem: unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future.”
This is the problem. His 1st inclination is to pass blame. I agree that it's a bipartisan issue overall, but not this specific issue. This was a Repub controlled congress and president. They passed it. They own this.
Less than 50% of Americans have retirement savings in the stock market and are going to rely on social security in retirement. How many of those rugged individuals voted repub and Team Trump Treason?
"“It’s disappointing, but it’s not a Republican problem,” McConnell said Tuesday in an interview with Bloomberg News when asked about the rising deficits and debt. “It’s a bipartisan problem: unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future.”
This is the problem. His 1st inclination is to pass blame. I agree that it's a bipartisan issue overall, but not this specific issue. This was a Repub controlled congress and president. They passed it. They own this.
Less than 50% of Americans have retirement savings in the stock market and are going to rely on social security in retirement. How many of those rugged individuals voted repub and Team Trump Treason?
Lots. Cause they have been fooled to think when the stock market is doing well that means life is great.
Now for me and my family, we have investments. And the stock market doing really well makes a huge difference. So I like the stock market doing well. And I like tax cuts and thought some of these were needed....but not in a vacuum. I hate the fact that was mentioned in the article. Each party seems to talk about the deficit until they are in power. And yes, the Repub are far more hypercritical in this area as it's a major part of their platform.
I spent several minutes at my local gas station observing the madness of the dumbest and most successful tax program of all time today .. the lotto. Poor people lined up as far as the eye could see spending whatever they had left from their friday paycheck after loading up on Marlboro's for the worst odds known to man.
I spent several minutes at my local gas station observing the madness of the dumbest and most successful tax program of all time today .. the lotto. Poor people lined up as far as the eye could see spending whatever they had left from their friday paycheck after loading up on Marlboro's for the worst odds known to man.
But is a “voluntary” tax. If they want to be stupid with their money, they’re allowed to be. That said, somebody is going to win.
Comments
https://www.boston.com/news/politics/2018/05/30/us-economic-growth-revised-down-to-2-2-percent-rate-in-q1
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http://thehill.com/policy/finance/391295-us-deficit-surges-to-530-billion-in-may-cbo
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And still no clarifications have been offered on how this deduction works or what a specified business is.
Thanks IRS, doing great as always.
Basically net income x 20% is the deduction. Certain service businesses (lawyers, doctors, accountants, etc) have a deduction phase out once their net income hits a certain point (roughly $160K single, $330K MFJ)
https://www.thetaxadviser.com/issues/2018/apr/understanding-sec-199A-business-income-deduction.html
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
I've already been to 4 seminars that discuss the new shit. There is always gray areas until items get clarified.
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
https://www.npr.org/2017/12/19/571754894/charts-see-how-much-of-gop-tax-cuts-will-go-to-the-middle-class
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What did corporate America do with that tax break? Buy record amounts of its own stock
https://www.nbcnews.com/business/economy/what-did-corporate-america-do-tax-break-buy-record-amounts-n886621
How the Republican tax cuts are failing workers, in one chart - Vox https://apple.news/AuAU3Jm1NRI-734In5GJ-yA
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Also...
Inflation hits 6-year high, wiping out wage gains for the average American
https://money.cnn.com/2018/07/31/news/economy/foreign-direct-investment-switzerland/index.html
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Trump's Tax Plan Is Failing to Give American Workers the Wage Growth He Promised - Newsweek https://apple.news/AxGsUZvbNRpSnqMtNgwTsPw
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https://www.theguardian.com/business/2018/aug/16/ceo-versus-worker-wage-american-companies-pay-gap-study-2018
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Here's how much US households have saved - Fox News https://apple.news/AbRWAxXdNSk-bqjwo_JTOUw
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https://www.sfgate.com/business/article/U-S-Budget-Deficit-Swells-to-898-Billion-13227880.php
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One of Republicans' biggest promises about their tax law is coming apart at the seams - Business Insider https://apple.news/AKlncw5IoR2Sw_EmCgIb4-w
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Mitch McConnell Blames the Poor for Trump’s Trillion-Dollar Deficit - Vanity Fair https://apple.news/AYH1swPNsQOW90uHrfQ-r5A
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This is the problem. His 1st inclination is to pass blame. I agree that it's a bipartisan issue overall, but not this specific issue. This was a Repub controlled congress and president. They passed it. They own this.
Libtardaplorable©. And proud of it.
Brilliantati©
Now for me and my family, we have investments. And the stock market doing really well makes a huge difference. So I like the stock market doing well. And I like tax cuts and thought some of these were needed....but not in a vacuum. I hate the fact that was mentioned in the article. Each party seems to talk about the deficit until they are in power. And yes, the Repub are far more hypercritical in this area as it's a major part of their platform.
It's fucking pathetic.
And then you have the third party voters who think their vote matters. It fucking doesn't.
The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)
1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
2020: Oakland, Oakland: 2021: EV Ohana, Ohana, Ohana, Ohana
2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana
Libtardaplorable©. And proud of it.
Brilliantati©