Taxes and Small Business Owners

In this episode, you’ll learn about many of the favorable new laws designed to benefit pass-through entities. And, if you take the appropriate steps now, you could save tens of thousands of dollars in taxes in the year ahead.

  • Key topics covered in this podcast include:
    How to take advantage of IRS Rule 199A, which allows for a 20% qualified business income (QBI) deduction on pass-through entities.
  • Service businesses vs. non-service businesses, and the different income caps and rules governing that 20% income deduction.
  • How to rethink your retirement plan contributions so that you can qualify for the pass-through entity income deductions.
  • Should you restructure your business to take better advantage of the QBI? Should you restructure real estate holdings, as that income is treated different under the new law?
  • Why you need to revisit your retirement account options, including defined contribution and defined benefit plans.
  • The new rules for automobile expenses and depreciation.

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