Podcasts about qualified business income deduction

It's tax day, but some of the important policies that are helping your farm maintain profitability are in jeopardy if the Tax Cuts and Jobs Act of 2017 is allowed to expire this year. Provisions like the Qualified Business Income Deduction, 100% Bonus Depreciation, and the increased Estate Tax Exemption are critically important to producers across the country. So in this episode, we're talking with two of NCGA's foremost experts about how these policies benefit farmers… and what we can do to preserve them. Andy Jobman is a farmer from Gothenburg, Nebraska, and chairs NCGA's Risk Management Action Team, which has been researching the effects of the Tax Cuts and Jobs Act at the farm gate and building up our case to preserve it. And Wayne Stoskopf is NCGA's Director of Public Policy, serving as the D.C. staff liaison for all matters involving tax policy. Together, they'll explain why farmers can't afford to lose these tax protections, what it means for rural communities, and why it's critical for growers to contact their legislators about this issue.

Feb 24, 2025 – Jim Puplava and tax expert Dan Pilla discuss the potential extension of the Tax Cuts and Jobs Act (TCJA), emphasizing its benefits for the middle class, like lower tax rates and the Qualified Business Income Deduction. They warn that its 2026...

Amanda Haan and Matt Faircloth discuss the current tax strategies for real estate investors, focusing on the implications of recent political changes and the impact of tax legislation on investment decisions. They explore the benefits of the Qualified Business Income Deduction, the significance of bonus depreciation, and the increased funding for the IRS leading to more audits. The discussion also touches on the political dynamics that influence tax laws and the future outlook for tax benefits under a new administration. Sponsors: Altra Running Learn more about your ad choices. Visit megaphone.fm/adchoices

After wrapping up a comprehensive insurance series, Thomas and Jacob shift gears to discuss the often-overlooked aspects of tax planning. They explain what QBI is, who it applies to, and why it's crucial for business owners to understand and plan around it. Key topics: What is the Qualified Business Income Deduction? Who qualifies for QBID and how it can impact your taxes The importance of proactive tax planning and communication with your financial team Strategies for maximizing your QBID, including salary considerations and year-end payroll planning Real-life examples of how effective planning can lead to significant tax savings Whether you're a seasoned business owner or just starting out, this episode is packed with valuable insights to help you navigate the complexities of tax planning. Don't miss out on the opportunity to save on your taxes!

Could your business be missing out on thousands in tax savings right now? In this episode of Live Life Liberated, Greg Klipstein and Samantha Lawrence uncover the Qualified Business Income (QBI) deduction — a powerful yet often overlooked tax benefit designed to help small businesses reduce their tax burden. Despite its potential, many business owners … Read More Read More

This week, Gene Marks offers some suggestions as to what it would take for the presumptive Democratic nominee to earn his vote and those of other small business owners. Suggestion No. 1: make clear that in the debate over whether to extend the Trump tax cuts she favors keeping the Qualified Business Income Deduction for owners of pass-through businesses. He'd also like to see her promise fewer regulations and more tax breaks for owners trying to sell their businesses.

Send us a Text Message.Are you maximizing your tax savings with the QBI deduction? In this episode, Mike delves into the intricacies of the Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, which was part of the Tax Cuts and Jobs Act. He explains the basic rules and income thresholds, discusses which types of income qualify, and provides details on how to calculate the deduction. Additionally, he addresses the expiration of the QBI deduction after 2025 and clarifies that the deduction is taken on personal tax returns, not business returns.Discover the key rules and strategies to ensure you're not leaving money on the table by tuning in![00:00 - 05:21] Introduction to QBI DeductionMike gives an overview of the QBI deduction and its origin in the Tax Cuts and Jobs Act.General rule: Deduct up to 20% of qualified business income.Types of businesses that qualify: sole proprietorships, LLCs, S corporations, and partnerships.[05:22 - 10:10] Non-Qualifying Income and Income ThresholdsMike explains the income types that do not qualify for QBI: investment income, wage income, and income from C corporations.Income thresholds for 2024: $191,950 for singles and $383,900 for married couples.Calculation changes for those above income thresholds.[10:11 - 15:00] Specified Service Trade or Business (SSTB)Mike defines SSTBs and gives examples such as healthcare, law, financial services, athletics, performing arts, accountants, and consultants.[15:01 - 20:20] Calculation ExamplesMike shares step-by-step examples of calculating the QBI deduction below and above income thresholds.What is the Impact of W-2 wages and qualified property on the deduction?[20:21 - 23:03] Conclusion and ResourcesThe QBI deduction is taken on personal tax returns.The expiration of the QBI deduction is after 2025 unless extended by Congress.Direct Quotes:"If you have sole proprietorship income, LLC income, S corporation income, partnership income, those are all the types of income that would qualify for the QBI deduction." - Mike Jesowshek, CPA"The QBI deduction is taken on your tax return, not your business tax return."- Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings 

In this episode, we discuss the qualified business income deduction in light of a February 2024 report by the Congressional Research Service that examined the provision's effect on investment and employment, equity, and taxpayer compliance.

In this replay of a popular 2023 episode, Evon revisits an important tax planning topic for optometry practice owners and independent contractors - the Qualified Business Income Deduction!He dives into what the deduction is, how it's calculated, its limitations and phase outs, how it works differently in different business types, and planning considerations to keep in mind.Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. Resources mentioned on this episode:The Optometry Podcast Episode 47: An Optometrist's Guide to How Income Taxes WorkThe Optometry Podcast Episode 49: An Optometrist's Guide to Business EntitiesIRS Reasonable Compensation for S-Corporation OwnersThe Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.

#147: Chris and Ankur Nagpal (co-founder of Carry) discuss strategies to save money on taxes. They explore offsetting W2 income, limiting capital gains, some unique investments that help optimize your taxes and more! They also cover tax strategies for current and future business owners. Ankur Nagpal is the founder and CEO of Carry, which helps empower business owners to build their wealth. He also founded Teachable, an e-learning platform that was acquired for ~$250 million. Link to Full Show Notes: https://www.allthehacks.com/save-on-taxes-2023 Partner Deals Daffy: Free $25 to give to the charity of your choice DeleteMe: 20% off removing your personal info from the web Henson Shaving: Plastic-Free, Precision-Built Razors + $100 free Blades LMNT: Free sample pack of my favorite electrolyte drink mix Shopify: $1/month trial for the easiest e-commerce platform Carry: $400 off Pro Plan and free access to premium wealth building course For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals Resources Mentioned Ankur Nagpal: Twitter | Carry (+ Carry's Free Resources) Side Hustles For Experts: GLG | Guidepoint Professional CPAs: Gelt (Skip the waitlist with this link) Tax Decoding Site: Decode.tax Interest Tracing Guidelines Tactics: Deloitte Guide | SVB Mortgage Example Tax Advantaged Solar: Valur Exchange Funds: Cache ATH Episodes: #144: Leveraging Tax-Advantaged Accounts to Maximize Your Wealth with Katie Gatti Tassin #92: Year End Checklist for Your Money, Taxes, Points and Miles #62: Protect Your Family, Mitigate Taxes and Preserve Your Wealth Full Show Notes (03:30) Why It's Important to Pay Taxes (05:00) Basic Context on Taxes (08:33) Capital Gains for General W2 Income Earners (14:00) Itemizing Deductions (20:09) Charitable Deductions (25:14) Home Energy: Inflation Reduction Act (27:49) Tax Strategies for Parents (31:39) Non-Qualified Deferred Compensation Plans (NQDC) (39:29) Side Hustles for W2 Income Earners (40:47) Hiring a CPA vs. Doing Taxes on Your Own (45:39) Using AI to Help with Taxes (47:05) Tax Code for Personal Real Estate (53:36) Real Estate Investments (1:02:17) Tax Incentives for Solar (1:09:38) Other Investment Tax Strategies (1:12:29) Qualified Business Income Deduction (1:22:28) Health Insurance Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's Tax Tuesday episode, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA, the CFO of Anderson Business Advisors, discuss some interesting tax questions including questions around gifting your home or property to your children while you're still alive (tip: don't do it), passive vs. active income on rental properties, and how/when you're able to use a loan from your investment accounts to purchase real estate. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: "Could I still qualify for the Qualified Business Income Deduction for rental activities even if they do not have the real estate professional status?" – Qualified Business Income Deduction, 199A. Could you still qualify for QBI for rental activities even if you don't have real estate professional status? The answer is yes. "I have a question about incurring expenses and paying them with my personal credit card. How do I recoup that money that was used for my business but charged to my personal credit card? My LLC is less than a year old." The simple answer is yes, you can pay for stuff with a personal credit card and deduct it in your entity. "Suppose a Florida LLC has a piece of land bought three years ago and hired a construction company to build a single house when the house is sold." Can I allocate part of the profit to the sale of the land, long-term capital gain, and the other part to ordinary income?" - You've now converted it into inventory that you're selling, so no. As a matter of fact, it doesn't play off against ordinary income, it is ordinary income. The entire sale of this property is ordinary income. "How do I use my 401(k) or IRA to invest in real estate?" - If it's an IRA, you need a self-directed IRA, where you're pretty much the custodian. "My husband's father wants to sign his house over to us. My husband's sister also owns 65% of the property." What tax advantages are there for us, his dad, and his sister? And what tax issues does it raise for us? Should we start an LLC or some other structures?" - I'm not a fan of signing over a principal residence to my children. If Dad gives it to you before he passes, he just made it all taxable. "What is the best way to use funds from my S-corp to pay taxes? Since the corporation taxes flow through to my personal taxes, I understand I need to pay my personal taxes for my personal account, but the money is really in the business account. Can I use a distribution? And is there a dollar amount limit for such a transaction?" – if you're profitable and distributing money, you really need to pay some kind of salary. "If I elect to aggregate rental properties into one activity, for example, managing, operating single-family homes as rentals and limited partnership interest in a multi-family syndication. What happens if years down the road, one of the assets is sold from the aggregate group? What are the tax and legal implications?" - If I sell a property that I've aggregated with other properties, just treat it like any other sale of property. "Is it tax-wise to pass on single-family rental home properties before my death to my kids? We have plenty of income, and passing on a few of them to our two kids might even lower our tax bracket. Each rental property is in a separate LLC, and we've owned them for 7–8 years now." - Based on the way we answered the previous question about gifting, I think it's a bad idea, especially if you had it for seven or eight years. "If I elect to aggregate rental properties into one activity, for example, managing, operating single family homes as rentals, limited partnership interest in a multifamily syndication, and electing all of my investment real estate as one activity,” which you can do, it's called an aggregation election, “what happens if years down the road, one of the assets is sold from the aggregate group? What are the tax and legal implications?" - you wouldn't aggregate into those circumstances. If you're going to be selling it soon, but you don't lose the loss carry forward, you use it against passive income. "We have two newly opened short-term rental Airbnbs. We want to do cost segregation and do bonus depreciation for the 2023 tax year. We're logging our time for the 500 hours rule. I heard that a small business should be taxed as S-corps to save on self-employment taxes, but others say don't put Airbnbs in an S-corp because they're passive. What to believe?" - Short-term rentals are a trade or business. If you are materially participating in them, then it's active ordinary income or loss. Send us your questions, and check out the event schedule listed in the resources section. Resources: Infinity Investing https://infinityinvesting.com/ Email us at Tax Tuesday taxtuesday@andersonadvisors.com Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-use-your-401k-or-ira-to-invest-in-real-estate Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq  

Episode 28:  In this episode, Timalyn discusses the IRC 662 Accuracy-Related Penalty.  She'll explain what it is, how it can be issued against you and how to avoid it.  She'll use the example of a live case involving Beyoncé Knowles-Carter.  Timalyn begins by explaining how a case is in the US Tax Court, part of the Taxpayer Privacy Act no longer applies.  This is why she's able to find public information about the case involving Beyoncé. What is the Accuracy-Related Penalty? This penalty applies if you underpay the tax required to be shown on your return.   Individuals have 2 common accuracy-related penalties. The first is negligence or disregard of the rules or regulations.  The second is a substantial understatement of income tax.  Timalyn explains that negligence is when someone doesn't make a reasonable attempt to follow the tax laws, when preparing a tax return.  Disregard means someone carelessly, recklessly or intentionally ignore the tax rules or regulations. Examples of Negligence Not keeping records to prove you qualify for specific credits and/or deductions is a simple example.  For instance, if you are claiming a child on your return, you need to be able to prove the child exists and that you have the right to claim him/her. Another example would be not claiming income shown in an information return, such as on a W-2 or 1099.  Finally, not checking the accuracy of a deduction or credit; especially when it seems too good to be true. Examples of a Substantial Understatement of Income Tax An individual can be hit with this penalty if he/she understates the tax liability by 10% of the tax required to be shown on the tax return or $5,000 (whichever is greater).  A business owner might claim a deduction based on Section 199a Qualified Business Income Deduction.  The penalty would apply if income is understated by 5% of the tax required to be shown or $5,000 (whichever is greater).  How to Avoid the Accuracy-Related Penalty ·      Don't claim a credit or deduction for which you don't actually qualify. ·      Claim all required income when completing your tax return. Timalyn reminds you that the IRS may be slow, but they're not stupid.  They will eventually find out and assess various penalties.  In previous episodes, Timalyn has discussed the Failure to File Penalty (which can be up to 25%).  If you are facing an Accuracy-Related Penalty, it can be up to 20% of the portion of the underpayment due to negligence or disregard.  It's also 20%, when a substantial understatement is made.  This means a penalty of 20% of the amount you understated.  You'll also be assessed the interest related to these issues.  Can I Get the Accuracy-Related Penalty Removed or Reduced? Timalyn explains that it might be possible, but listen to her episode on First-Time Penalty Abatement.  You have the burden of proof as to why the penalty should be removed or reduced.  You'll have to show that you acted in good faith and can show a reasonable cause as to why it happened.  Timalyn explained Removing Penalties for Reasonable Cause, in Episode 12. If you want to book a consultation to discuss your specific situation, you can schedule an appointment at https://bookingbowens.as.me/schedule.php.  This is on the website for Bowens Tax Solutions.  Avoiding the Penalty by Substantiating As Timalyn stated earlier, it may be possible to avoid the Accuracy-Related Penalty, but you have to be able to prove why it shouldn't apply.  You need to report everything required, and to be able to explain why something as omitted from the return, or isn't actually required.  Beyoncé Knowles-Carter vs. US Tax Court According to public information, for the tax year 2018, her tax return showed a deficiency of $805,850.  Per the Internal Revenue Code Section 662a, she was accessed an accuracy-related penalty of $161,170.  In 2019, another deficiency of almost $1.5 million.  Per the Internal Revenue Code Section 662a, she was accessed an accuracy-related penalty of $288,549.  Now, as Timalyn explained in Episode 26, there is a IRS Collection Due Process.  You also have the right to appeal an IRS decision, which she covered in Episode 27.  Beyoncé deducted $761,455 on her Schedule C7.  The IRS disallowed that deduction.  She and her advisors will have to prove the deduction was ordinary and necessary.  They will also have to substantiate the deduction by showing the expense was actually paid.  Timalyn advises you should always keep receipts, because your bank statements may not give the full picture.    Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin your life. As we conclude Episode 28, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.    Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

On this episode, Linda and Dana talk to Chris Bird, an expert in real estate tax issues, about the ten biggest current issues in real estate from a federal tax standpoint. The topics include electing to depreciate property over time or write it off quickly, the Qualified Business Income Deduction, the Augusta Rule, which allows for tax-free rental income if renting out a principal residence or second home for less than 15 days during the year, cost segregation studies which offer significant tax write-off potential, and using S Corporations to limit Social Security tax liabilities. He breaks down how President Biden's plans may affect some of these topics in future tax bills. He also shares how to push legal deductions aggressively while not messing around with income. Get your Episode Guide here: https://courses.lindamckissack.com/elar-episode-guide

Evon revisits an important tax planning topic for optometry practice owners and independent contractors - the Qualified Business Income Deduction!He dives into what the deduction is, how it's calculated, its limitations and phase outs, how it works differently in different business types, and planning considerations to keep in mind. Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. Resources mentioned on this episode:The Optometry Podcast Episode 47: An Optometrist's Guide to How Income Taxes WorkThe Optometry Podcast Episode 49: An Optometrist's Guide to Business EntitiesIRS Reasonable Compensation for S-Corporation OwnersThe Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.

Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 And we still have a section 199 A deduction it came back in 2017 as part of the Tax Cuts and Jobs Act. But remember under the new section 199 A it enables the law to allow you if a non Corporation taxpayer can deduct QBI up until December 31 for 10 years. So December 31 of 2017 for 10 years, we're going to have QBI and you're going to be able to deduct it as a tax deduction. This is going to put money in your pocket but understand what QBI is you need to talk to your tax person if you don't have one, call me at 615-367-0819. Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.

Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 QBI. We've talked about it a lot. It's section 199 A, and this has been on the books since 2018. But it has made it much easier for people with rental properties. I've done many tax returns where I found out people weren't taking it in the past. You can qualify for this in many circumstances. Now if someone else is managing your properties, you don't qualify. There are some fine lines. But of course business owners, if you're part of a partnership or corporation and you're participating, you will qualify. And this is another way of getting a deduction on your tax return that can be quite substantial. Give me a call if you have questions. Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.

Are you taking advantage of the qualified business income deduction? It's a great way to save money. Hear insights about: What is the qualified business income deduction Who is eligible and who may not be eligible for the qualified business income deduction How to take advantage of the qualified business income deduction Why do you need to make sure that your salary is high enough to qualify for this deduction if you have no employees Where can you look on your tax return to determine if you can take advantage of this deduction What to ask your CPA to ensure that you are not missing out on this opportunity Resources: The 12 Biggest Tax Mistakes That Cost Agency Owners Thousands: https://www.amazon.com/Biggest-Mistakes-Agency-Owners-Thousands/dp/B088B6DPG9/ref=sr_1_1?qid=1639661450&refinements=p_27%3ACraig+Cody&s=books&sr=1-1 Additional Resources: Website: www.craigcodyandcompany.com Twitter: @CraigC2742 LinkedIn: https://www.linkedin.com/in/craigcodycpa About Craig Cody: Craig Cody is a Certified Public Accountant, Certified Tax Coach™, business owner, and the host of The Progressive Dentist Podcast and The Progressive Agency Owner Podcast. Prior to his current work, Craig spent seventeen years with the NYPD, where he retired as a Lieutenant in September 2000. Craig is an expert in helping his clients legally reduce their tax liabilities and keep more of their money. Through his podcast, Craig helps dentists grow their practices through smart financial decisions and through financial education of the kind that isn't offered in dental school.

Dr. Friday 0:00 Good day. I'm Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 And we still have a Section 199A deduction. It came back in 2017 part of the Tax Cut and Jobs Act. But remember under the new Section 199A, It enables the law allows you if a non-corporation taxpayer can deduct QBI up until December 31 for 10 years. So December 31 of 2017 for 10 years, we're going to have QBI and you're going to be able to deduct it as a tax deduction. This is going to put money in your pocket but understanding what QBI is you need to talk to your tax person. If you don't have one, call me 615-367-0819. Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.

Small business tax saving strategies? Expert Craig Cody gives an overview of the many ways your agency can save money on taxes going forward. In this special episode, you'll hear audio from the Build A Better Agency podcast, where Craig Cody is interviewed by host Drew McLellan from the Agency Management Institute. Hear insights about: How the onset of the global pandemic brought many changes to tax code including the PPP loan, EIDL and other small business tax saving strategies What key considerations to keep in mind about the interaction between the Employee Retention Credit and the Paycheck Protection Program loan Why expenses related to the global pandemic may be able to be deducted, and what qualifications to be aware of What the “Augusta Rule” is, and how business and agency owners can take advantage of the rule to move funds from their business to themselves with no tax liability Why a home office is the first step toward significant tax deductions, such as putting in a pool or a home gym Why it is important to check in with your tax strategist throughout the year, and why strong communication and proactivity are crucial What a Defined Benefit Program is, how it can benefit agency and business owners over the long term, and how it can be the ideal companion to your business exit strategies Why too few business owners take advantage of the Qualified Business Income Deduction, and what to ask when evaluating a potential new tax advisor Small Business Tax Saving Strategies This week's episode of the Progressive Agency podcast is a bit different. In it, you'll hear audio from a conversation I had with Drew McLellan on his Build A Better Agency podcast. Drew's focus and passion are directed toward helping agency owners of all kinds grow, strengthen and scale their businesses. During our conversation, I was able to give Drew's audience a high-level overview of the many potential credits, deductions and other small business tax saving strategies that many business owners don't even realize are available to them. The saying goes, “you don't know what you don't know”, and so this week's podcast episode will hopefully open your eyes to money that you're leaving on the table for the IRS unnecessarily. My goal is to dispel some of the myths around small business taxes, help you keep more of what you make, and ensure that your agency is on sound financial footing and that you're fully prepared for your eventual retirement. PPP, EIDL, ERC and the Augusta Rule There are so many ways that you can reduce your tax liability and credits that you can apply for that it can sometimes feel overwhelming. However, a great tax professional can help you make sense of things and can often help you find money you're leaving on the table. Ask yourself, is your current tax pro actively seeking deductions? Are you checking in with them regularly, throughout the year, to strategize about ways you can be saving money? If not, you're almost definitely missing out on deductions, credits and other smart financial solutions. That's because, to make the most of PPP, EIDL, ERC, the Augusta Rule and other opportunities, you have to be proactive. Once you wait until it's time to file, it's probably too late. That's why you should be talking to your tax professional regularly, giving them a very clear overview of your business and what has changed since you last spoke, so that they can be looking for these solutions. As Drew mentioned in our conversation, he's very good at what he does, but he's not a tax specialist. So, having a trusted advisor in his corner can make a big difference in the amount of his money he gets to keep. I know you'll find my conversation with Drew helpful. This is a great opportunity to get up to speed on some of the options available to you, and I urge you to speak to your tax advisor and ensure that you're taking advantage of every available opportunity. Additional Resources: Website: www.craigcodyandcompany.com Twitter: @CraigC2742 LinkedIn: https://www.linkedin.com/in/craigcodycpa About Drew McLellan: For 30+ years, Drew McLellan has been in the advertising industry. He started his career at Y&R, worked in boutique-sized agencies and then started his own (which he still owns and runs) agency in 1995. Additionally, Drew owns and leads the Agency Management Institute, which advises hundreds of small to mid-sized agencies on how to grow their agency and its profitability through agency owner peer groups, consulting, coaching, workshops and more. About Craig Cody: Craig Cody is a Certified Public Accountant, Certified Tax Coach™, business owner, and the host of The Progressive Dentist Podcast and The Progressive Agency Owner Podcast. Prior to his current work, Craig spent seventeen years with the NYPD, where he retired as a Lieutenant in September 2000. Craig is an expert in helping his clients legally reduce their tax liabilities and keep more of their money. Through his podcast, Craig helps dentists grow their practices through smart financial decisions and through financial education of the kind that isn't offered in dental school.    

In this episode we discuss: "Obamacare" was challenged again in the most recent ACA update and found by the Supreme Court to be constitutional so the Net Investment Income Tax (NIIT) stands. The Delaware Relief Grant applications for forgiveness have been extended and emails with further guidance will be issued by the State of Delaware soon. Qualified Business Income Deduction and other provisions of the TJCA of 2017 are scheduled to end in 2025. Payroll and HR professionals are the newest target of scammers trying to get W-2 data. Setting up and IRA for youth that have Earned Income could give them a jump on their retirement savings.  We also talk about the Jamaican Lottery Scam that is becoming one of the biggest illicit markets in Jamaica and impacting a disturbing amount of elderly Americans.  Find out what you should be discussing with your elderly relatives and friends now!

To meet the safe harbor requirement for the qualified business income deduction as a landlord with rental property, you need to keep a contemporaneous log documenting the work you and your folks have done in your rental business.Learn all about it and download a free copy of the log:https://RealEstateFinancialPlanner.com/download-free-log-for-qualified-business-income-deduction-with-rental-property/

If you are a business owner, whether big or small, you will be seeing many changes as the new incumbent takes office. As their will be many increases in the percentage of tax that we owe, there will also be the phasing out of the Qualified Business Income Deduction. Which allowed business owners to take a 20% deduction against their net income for the year. For more tax info check out my other podcasts, and follow me in social media @KarlaDennis_

• An agricultural law update • Reflections on a career fighting crop diseases • Agricultural news headlines • Gus van der Hoeven’s “Stop, Look and Listen…” 00:01:30 – Agricultural Law Update:  Professor of agricultural law and taxation Roger McEowen of the Washburn University School of Law discusses the tax code provision called the Qualified Business Income Deduction, and questions he frequently receives about how farmers, ranchers and other landowners can qualify for this significant deduction...in particular, he hones in on farmland lease income, and how a landowner can take advantage of this deduction without incurring self-employment tax. 00:12:57 – A Look Back:  K-State row crop disease specialist Doug Jardine reflects on past, present and future crop disease challenges for corn, grain sorghum and soybean producers, upon his retirement from the university after 35 years of service. 00:24:25 – Ag News:  A look at the day's agricultural news headlines. 00:32:40 – "Stop, Look and Listen":  K-State's Gus van der Hoeven presents "Stop, Look and Listen", his weekly commentary on rural Kansas.   Send comments, questions or requests for copies of past programs to ksrenews@ksu.edu. Agriculture Today is a daily program featuring Kansas State University agricultural specialists and other experts examining ag issues facing Kansas and the nation. It is hosted by Eric Atkinson and distributed to radio stations throughout Kansas and as a daily podcast. K‑State Research and Extension is a short name for the Kansas State University Agricultural Experiment Station and Cooperative Extension Service, a program designed to generate and distribute useful knowledge for the well‑being of Kansans. Supported by county, state, federal and private funds, the program has county Extension offices, experiment fields, area Extension offices and regional research centers statewide. Its headquarters is on the K‑State campus in Manhattan.

Planning for the Qualified Business Income Deduction Episode 62 - The Section 199A deduction is complex, but for many successful pass-through business owners, there are strategies to help qualify for the deduction. Your Security Mutual life insurance advisor can help you plan to meet the income thresholds of the law. More SML Planning Minute Podcast Episodes Download The Flyer for More Information SubscribeApple PodcastsGoogle PodcastsSpotifyTuneInAndroidStitcherDeezerby EmailRSSMore Subscribe Options

Episode 62 - The Section 199A deduction is complex, but for many successful pass-through business owners, there are strategies to help qualify for the deduction. Your Security Mutual life insurance advisor can help you plan to meet the income thresholds of the law.

The qualified business income deduction, or QBI, was one of the most popular changes to the tax code in 2017. Stephen J. Slade, CPA, tax director of Wouch Maloney & Co. LLP in Horsham, Pa., dives into the restrictions and exceptions and what they really mean for your clients. Slade also addressed this topic for CPA Now.   To read the full transcript click here.

Craig Cody is a certified public accountant, Certified Tax Coach™, business owner and the host of the Progressive Dentist Podcast. Prior to his current work, Craig spent seventeen years with the NYPD, where he retired as a Lieutenant in September 2000. Craig is an expert in helping his clients legally reduce their tax liabilities and keep more of their money. Through his podcast, Craig helps dentists grow their practices through smart financial decisions and through financial education of the kind that isn't offered in dental school. What You Will Learn: Craig discusses the new Section 199 Qualified Business Income Deduction, and he explains how small business owners of S-Corps, LLCs, sole proprietorships and partnerships can use it to get a deduction of up to 20% of the business's net income. Craig explains the difference between Qualified Business Income and Specified Service Income, and he shares how the 20% deduction begins to phase out at $315,000 taxable income and vanishes at $415,000 for Specified Service businesses like dental practices. Craig shares how appropriate planning can allow practice owners to get additional deductions if they are on the $415,000 bubble, by looking for ways to minimize their taxable income to fall within the Specified Service Income threshold. Craig explains why it is important to speak to your CPA and look for ways to reduce your taxable income so that you can keep more of what you make. He explains other tax deductions that you may qualify for including Section 179. Craig shares how goodwill works, and he explains amortization (a non-cash expense). He describes how goodwill can be amortized over the course of 15 years, and he shares how not amortizing your goodwill can cost you thousands a year. Craig explains why hiring your children at age 7+ and paying them a reasonable wage that goes into a Roth IRA can be a smart financial decision that can help lower your taxable income. Craig shares how paying your child through Schedule C will allow you to avoid paying FICA tax on their income. Additional Resources: Website: www.theprogressivedentist.com

In episode 162 of Financially Simple, Justin lists 49 deductions to reduce your tax bill. There are a number of ways to reduce the amount of tax payable as a Small Business Owner; some conventional, others… not so much. Justin goes over the obvious and not-so-obvious deductibles of a business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  COMPLETE TRANSCRIPTION: BLOG: 49 Surprising Tax Deductions for Small Business Owners TIME INDEX: 01:47 - Tax Deductions for Small Business Owners 03:24 - What is a Deduction? 04:56 - Qualified Business Income Deduction 05:43 - Bonus Depreciation 07:24 - Vehicle Expenses 08:24 - Home Office 08:50 - Home Renovations & Insurance 09:14 - Professional Services 09:23 - Employee Deductibles 11:13 - Opportunity Tax Credit 11:39 - Client & Employee Entertainment 12:42 - Dues & Memberships 13:06 - Legal Fees 13:16 - Office Building Deductibles 14:02 - Moving Expenses 14:18 - Home Landscaping 14:47 - Start-Up Expenses 14:52 - Travel Expenses 15:01 - Taxes! 15:14 - Machinery & Equipment Rental 15:24 - Interest on Loans 15:26 - Research & Experimental Costs 15:34 - Inventory for Services-Based Businesses 16:31 - Bad Debts 16:42 - Bank Charges 16:52 - Disaster & Theft Losses 17:05 - Carryovers from Previous Years 17:27 - Tools 17:54 - Unpaid Goods 18:07 - Continuing Education 18:19 - Advertising & Marketing 18:21 - Charitable Contributions 18:38 - Intangibles 18:45 - Some Examples of Unusual Deductibles 21:14 - Wrap Up USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Financially Simple: The Ultimate Sale - Get the Book Here! ______________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

Gid Pool took a standup comedy class 13 years ago at age 61 on a lark. He shares the story of his retirement hustle, traveling the US and 50+ countries as a standup comic, inspirational speaker, and the author of Act II and Beyond: Making the Rest of Your Life Spectacular. Plus, Joe and Big Al follow-up on ERISA protection for SEP IRAs, they discuss the Qualified Business Income Deduction for owners of rental real estate, and they offer financial tips and investing ideas for high school grads and college students. Transcript & show notes: http://bit.ly/YMYW-219

Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway. TIME STAMPS OF WHAT'S COVERED A big announcement from Tony @2:04 Hats off to Treasury and the IRS @3:59 Headlines from the final regs @5:00 How to digest 247 pages of final guidance @8:24 More extended tax returns this year? @10:01 The problem for rental real estate and the triple net lease under the final regs @11:43 Safe harbor for treating a rental real estate enterprise as a trade or business @13:01 Multiple trades or businesses within the same entity @18:51 Putting it all together @20:51 The incidental rule is gone @23:51 Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51 They narrowed down the SSTB definitions @26:08 Big clarification for consulting @27:18 Relying on the proposed regulations @33:00 What's ahead for Tony's Forbes articles @37:07 What's ahead for §199A @38:24 BIO FOR GUEST Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. More about Tony: Tax Section Member Spotlight on Anthony (Tony) Nitti, CPA Bonus episode – CPA to CPA with Tony Nitti Connect with Tony on Social Media: Follow Tony on Twitter Connect with Tony on LinkedIn RESOURCES MENTIONED IN THE EPISODE Previous episodes of the “Simply Tax” podcast covering §199A: Episode 8: The Nitty Gritty—of Section §199A—with Tony Nitti Episode 16: AICPA's 199A Task Force  Episode 35: The Proposed 199A Regulations with Tony Nitti Episode 37: #TaxTwitter Answers to 199A Questions  Episode 43: The Hearing on the Proposed 199A Regs Episode 46: Do You Have 199A Confusionosis? More on §199A from Tony: IRS Publishes Final Guidance On The 20% Pass-Through Deduction: Putting It All Together (Forbes) The new QBI deduction is finally clearer (Journal of Accountancy) INSIGHT: Proposed Section 199A Rules Fill in Framework of Statute (BNA Daily Tax Report) Proposed 199A Regulations: Three Big Questions Remain (Tax Notes, subscription required) IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes) 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required) Understanding the new Sec. 199A business income deduction (The Tax Adviser) The New ‘Qualified Business Income Deduction' Varies Based On Your Business Type – Or Does It? (Forbes) Making Sense of the New '20% Qualified Business Income Deduction' (Forbes) BKD webinar on §199A: The QBI Deduction: Insights on the Latest Guidance  GET MORE “SIMPLY TAX” A complete archive of our episodes is available on our website and YouTube playlist. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram

There have been some very significant changes made to the tax codes that are effective this year, 2018. In this episode Monica is joined by Dale Carlton, Jr., who has worked in real estate since the mid 1990s and has been an attorney since 2001, about how the new tax laws affect: real estate professionals, their businesses, and their clients. The Tax Cuts and Jobs Act of 2017 provides the opportunity for people who made the same money in 2018 that they made in 2017 to see a reduction in the amount of tax they will have to pay. Currently, we all pay according to marginal tax rates — everyone falls in a tax bracket. Each of these tax brackets is going to be reduced. There will be some differences in deductions, and there is also something called qualified business income deduction — a deduction on profits. The first thing to note is that the marginal tax rates have been lowered, and overall the amount of tax you pay on your taxable income will be a few percentage points less. Dale talks about some of the implications of this as well — there will likely be a decrease in the number of itemized deductions filed. What this means for real estate agents is that people will no longer have an advantage by owning real property as a home, because the standard deduction will exceed the amount of their mortgage interest and their other taxes owed. This corresponds to Section A on the 1040 form. By raising the standard deduction, they removed some of the deductions we had previously. In the loss of the standard deduction, we lose of some of the aspects of the deduction regarding living in the same residence for two of the past five years. They also maximized the amount you could deduct of state and local income taxes along with real estate taxes and maximized the amount you could deduct from those groups to $10,000. There are essentially four deductions that are still allowed: charitable contributions, home mortgage interest deduction, state and local income tax and real estate taxes combined, and then any medical expenses above 7.5% of your adjusted gross income. The $10,000 max of the state/local income tax and real estate can be added to charitable contributions, home mortgage interest, and medical expenses; if all of those added together are less than $24,000, you’ll want to take the standard deduction. If they are more, you would keep them itemized. The home mortgage interest deduction includes your primary residence and a second home. You could write off the interest for these two as long as it was acquisition indebtedness. The two changes that most agents need to be aware of is that they did away with personal exemptions. In 2018, there are no exemptions for any person, all are removed. They have, however, amended the rules regarding the child tax credit. They have doubled the child tax credit and increased the phase-out limit to start at $200,000 for single filers and $400,000 for married filing jointly. For further clarification on the deduction for people who had owned a home for two out of the last five years, this is still intact in the way that we’re used to it. This is the profit of a sale on a principal residence. As long as you’ve lived in it for two of the previous five years, you could take up to $500,000 worth of gain and not have to pay tax on that gain. This was advantageous for real estate agents and investors. Qualified Business Income Deduction: if you have a minor that can work for you in your business, they can get paid up to $12,000 without having to pay taxes. This is also a business expense you won’t have to pay taxes on. There are some rules with this deduction that will affect how we take our money. Everything changed in August — a lot of smaller business owners went to bat to protect them with these new tools. Instead of a tax bridge, you get 20% off your taxable profit, with up to a 25% qualified business deduction. If your taxable income is below the new thresholds, you will still qualify for this qualified business income deduction. Dale discusses even further some of the implications of the changes on this tax. To make sure you are getting the qualified business deduction, you must get in with your accountant before the end of the year to make sure you’re set up correctly. You will also have to set up a corporation so that you can pay part of your money as salary and receive the other part as dividends from your company. Having your finances for your business in a separate account is crucial -— you can get some good software, and you can run all your finances through the business account. Running your profit and loss for your accountant will be that much easier if your accounts are separated. Keeping better records will save you and your accountant a lot of time. There were some changes in some of the ways business expenses are being looked at. Previously you could get a deduction on entertainment expenses, and now that is zero. There is discussion happening in regards to the 50% meal deduction in your business. Membership dues have also been removed, to social type places. These are tax law changes that are occurring now. Most accountants right now are still filing 2017 returns until mid-October. From the middle of October through the end of the year is their chance to get caught up on the new changes, and will begin meeting with their clients. Be patient with your accountants as they get up to speed on the new changes — they will take care of you! Dale’s Links: Dale’s Website Tax Update Articles Additional Links: E-Pro certification Training4RE.com Center for REALTOR® Development — Onlinelearning.REALTOR® REBAC.net NAR Annual Conference CRDpodcast.com — Podcast Website CRD@REALTORS.org General info from NAR regarding Tax Cuts Dale Carleton Bio: For 16 years Dale has been representing Buyers and Sellers in Northwest Arkansas. He has personally sold well over $100 million in properties and constantly ranks as a top real estate agent in Northwest Arkansas. Dale spent 8 years with another company where they did over $3 billion in sales while he was an Executive Broker and Senior Vice President for the company. He has spent the last 8 years as the Broker/Owner of Carlton Realty, Inc. and continues to represent many of the clients he has worked with since he first started in the real estate business. Dale is well known in the Northwest Arkansas area for taking a straightforward, direct and honest approach to real estate. His past clients will tell you that he does not like to talk fluff and is often very blunt about the market and what he feels is the best professional decision in any circumstance. Below are those things that separate Dale from other real estate agents in Northwest Arkansas. Licensed Attorney for over 13 years. 2015 President of the Council of Residential Specialists (the largest and most respected professional real estate designation). Sells between $10-$15 million in real estate annually. Personally invests in real estate by owning multiple rental properties. Represents a number of renovators in Northwest Arkansas, including Mark Zweig, Inc., allowing him a better understanding of the remodeling needs of homes. Has built many homes in Northwest Arkansas. Is respected as one of the top 20 real estate educators nationally, and is invited to speak in 20-30 states annually. Has been a state real estate educator teaching many of the local agents their license and continuing education courses. Consults with large real estate companies across the nation on best practices for representing clients. Sits on multiple boards and invests his time and money into Northwest Arkansas. Host Information: Monica Neubauer Speaker/Podcaster/REALTOR® Monica@MonicaNeubauer.com FuntentionalLiving.com FranklinTNBlog.com

007: Accounting for Profit in Every Stage of Business and Life with Kristy Lott Kristy Lott is an entrepreneur and CPA specializing in working with creatives. She initially went to college for psychology and has always enjoyed helping people. However, after beginning her studies she learned psychology wasn’t for her but wanted to continue her passion for helping people and realized she could do that as an accountant. Watching clients grow and helping them understand the basics of their financials is what makes her tick. Kristy has over 10 years of public accounting experience with a goal to make taxes as simple as possible for her clients. Topics Mentioned: Peace Pivoting Growth Understanding Thoughts from Kristy: Accounting is personal and it’s driven by providing peace and understanding in others lives. It’s important to ask the question, ‘What do I need to be able to do to sustain so I can do what I am passionate about?’ There is always time to step back even after you started and make corrections to move forward. Budgeting shows how much you’ve grown and what has been achieved and what is possible to achieve moving forward. Managing time is important and it helps to familiarize yourself with what boundaries work well in regards to balancing family and business. The Qualified Business Income Deduction is a huge benefit for small business owners. As small business owners, we should check in with our accountants at least 3 times a year. A few important questions to ask when working with accountants: How do you work with your clients and what does this look like? Ask what their passions are outside of the office so this partnership can be personal and conversations can be more open. What are their favorite ways to help small businesses save money with taxes? Links and Resources:  Understanding Your Financials course by Michele Williams Passion for Profit course by Michele Williams Books: Profit First by Mike Michalowicz E-Myth Revisited by Michael Gerber Socials: Email- Kristina@kmlottcpa.com Website- www.kmlottcpa.com

The proposed regulations under Internal Revenue Code Section 199A are finally here! Guest Tony Nitti returns to the podcast to cut through the 184 pages of recently released guidance to share his highly sought insight on the doors that were shut (and those that opened) in the proposed regulations. TIME STAMPS OF WHAT'S COVERED [02:40] Initial reactions to the proposed regulations [05:48] Challenges in implementing the proposed guidance [11:09] What's a trade or business and when does a rental activity raise to the level of one? [16:16] Increased penalty associated with being aggressive [18:21] Aggregation rules [22:00] The tax law confidence bell curve [25:15] How #TaxTwitter contributed to the proposed regulations [30:48] We need a roadmap for QBI [33:25] Absent action, the deduction sunsets after 2025 [37:03] Tony's take on the treatment of §1231 assets [38:39] My head hurts! [41:49] UBIA and other terms of art from the proposed regulations [44:36] Approach the TCJA-related guidance as a marathon not a sprint [48:27] Advice for a successful tax career in tax BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown's Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony's practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. Follow Tony on Twitter Connect with Tony on LinkedIn ADDITIONAL RESOURCES Mentioned in the episode Qualified business income deduction flowchart Simply Tax Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti Simply Tax Bonus Episode: CPA to CPA with Tony Nitti Proposed regulations: Qualified business income deduction More on §199A from Tony IRS Provides Guidance On 20% Pass-Through Deduction, But Questions Remain (Forbes) 5 Passthrough Deduction Questions the IRS Must Answer (Tax Notes, subscription required) Understanding the New Sec. 199A Business Income Deduction (The Tax Adviser) The New 'Qualified Business Income Deduction Varies Based on your Business Type - Or Does It? (Forbes) Making Sense of the New '20% Qualified Business Income Deduction' (Forbes) GET MORE SIMPLY TAX A complete archive of our episodes is available on our website and YouTube playlist. We'd love to hear from you! Email feedback and questions to SimplyTax@bkd.com Connect with Damien on social media! LinkedIn | Twitter | Instagram

The Tax Cuts and Jobs Act is one of the most significant changes to tax law in 31 years. Guest Tony Nitti joins host Damien Martin to discuss the nitty gritty details of one of the most intimidating provisions of the new legislation—the newly created IRC Section 199A. Here are some of the key questions about this new 20 percent qualified business income deduction: Is it just a pass-through deduction? @ 3:19 What's the starting point for the deduction? @ 5:43 How will be get guidance on this new provision? @ 8:26 Does it apply to rental activities? @ 10:29 What's a specified service trade or business? @ 16:23 Are self-rentals included in qualified business income? @ 23:05 Should an S corporation convert to a C corporation? @ 26:16 BIO FOR GUEST Tony is a tax partner based in WithumSmith+Brown's Aspen, Colorado office and is a certified public accountant in the states of New Jersey and Colorado. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report. Follow Tony on Twitter Connect with Tony on LinkedIn ADDITIONAL RESOURCES Forbes: “Tax Geek Tuesday: Making Sense Of The New ‘20% Qualified Business Income Deduction'” Forbes: “The New ‘Qualified Business Income Deduction' Varies Based On Your Business Type - Or Does It?”