S Corporation – DougFreemanCPA.com

Close-up on the new Qualified Business Income deduction’s wage limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of […]

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The TCJA changes some rules for deducting pass-through business losses

Income Tax, Individual Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct

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A net operating loss on your 2017 tax return isn’t all bad news

Federal Income Tax, Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Credits, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment

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2017 tax filing deadline for pass-through entities is March 15

2017 Tax Dealine, Federal Income Tax, Income Tax, LLC, Past-Through Entities, S Corporation / Douglas Freeman

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for

2017 tax filing deadline for pass-through entities is March 15 Read More »