July 2021 – Page 2 – DougFreemanCPA.com

10 facts about the pass-through deduction for qualified business income

AGI (Adjustable Gross Income), LLC, Partnerships, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Section 199A Deduction, Sole Proprietors / Douglas Freeman

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single-member limited liability companies (LLCs), partnerships, and S corporations. It may also be claimed by […]

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IRS audits may be increasing, so be prepared

AGI (Adjustable Gross Income), Audits, Internal Revenue Service (IRS), Tax Audits / Douglas Freeman

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics. Overall, just 0.5%

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Critical path method can propel IT projects

Business Technology, Critical Path Method (CPM), Small Business, Software / Douglas Freeman

Among the only certainties of business technology is that it will continue changing. One consequence of this is a regular need for companies to undertake IT projects such as developing custom software or upgrading network infrastructure. Much like a physical construction job, IT projects often look eminently feasible on “paper” but may get bogged down

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