Understanding Qualified Business Income (QBI) and Section 199A
The Qualified Business Income (QBI) deduction, established under Section 199A of the Internal Revenue Code, was introduced by the Tax Cuts and Jobs Act of 2017 to provide tax relief to owners of pass-through entities. This deduction allows eligible taxpayers to deduct up to 20% of their QBI, effectively reducing their taxable income and overall […]
The Importance of Tax Planning, Compliance, and Timely Filing for Small Business Owners
September 3, 2024 Tax Planning: The Foundation of Financial Success Effective tax planning is the cornerstone of a successful business strategy. It involves analyzing your financial situation from a tax perspective to ensure efficiency and minimize tax liabilities. Proper tax planning can help you take advantage of deductions, credits, and other tax-saving opportunities that might […]
