Small Business

Qualified Business Income Deduction for Pass-Through Businesses

Qualified Business Income Deduction for Pass-Through Businesses

Individual taxpayers and certain trusts and estates may be entitled to a deduction of up to 20% of their QBI from a trade or business, including income from a pass-through entity, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

Tax reform changes affecting small businesses

Tax reform changes affecting small businesses

With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them.

New Tax Proposal Would Boost Charitable Mileage Rate To Equal Business Rate

New Tax Proposal Would Boost Charitable Mileage Rate To Equal Business Rate

Under the Senate and House tax reform proposals, the charitable donation deduction claimed on Schedule A, including a deduction for charitable miles driven, was slated to stay in place. Additionally, under the House proposal, the mileage rate for charity would have been indexed for inflation, as it is each year for business and moving mileage. However, while the final version of the tax reform bill did retain the charitable donation deduction, it did not include an adjustment to the charitable mileage rate.