Nov. 02.

Before we get too festive..all of us need to understand how the “Qualified Business Income (QBI) Deduction (Sec. 199A)” will effect our clients..

By William Murphy | Posted in Newsletter, Podcast, Tax Blog |
Comments Off on Before we get too festive..all of us need to understand how the “Qualified Business Income (QBI) Deduction (Sec. 199A)” will effect our clients..

The American Institute of CPA’s tax section recently published a “Q&A” on  Qualified Business Income (QBI) Deduction (Sec. 199A)…. All tax professionals need to spend some time understanding its implementation and use. So lets get started…. Qualified Business Income (QBI) Deduction (Sec. 199A) What are some general rules of thumb of Sec. 199A? The qualified business income (QBI) deduction of Sec. 199A is limited to 20% of the excess of taxable income over net capital gain. For example, suppose a taxpayer has $100,000 of QBI, $120,000 of capital gain, and $40,000 of deductions. Taxable income in this example is $180,000,
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Oct. 19.

Careful Planning of Year-end transactions is Essential to maximizing tax savings !!!

By William Murphy | Posted in Newsletter, Tax Blog, Uncategorized |
Comments Off on Careful Planning of Year-end transactions is Essential to maximizing tax savings !!!

Although plenty of people have made money on the stock market this year, there are many others who have recognized losses on securities, or may be thinking of bailing out of other holdings that show paper losses. It is critical to plan  the most appropriate year-end planning strategy for an individual’s capital gains and losses will depend on a series of factors, including the amount of regular taxable income, the tax rate that applies to the individual’s “adjusted net capital gain”, whether recognized capital gains are long- or short-term, and whether there are unrealized capital losses. Capital gain and loss basics.
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