How The New QBI Deduction Affects Professional Service Firm Owners
Several significant tax changes became effective in 2018, including a reduction in the tax rate for regular corporations. To provide fairness to other business entity types, the new tax law allows some company owners to claim a business-related deduction on their own personal tax return. Starting in 2018, owners of pass-through entities may be able to personally deduct a portion of their qualified business income. The deduction for qualified business income (QBI) is applicable to S corporations, partnerships, and sole proprietors.
Why Your New Business Needs The Help Of An Accountant
When you start a new business, it's a good idea to involve an accountant from the very start. You may not need to hire one full-time right away, but getting advice about setting up your business and tracking your finances gets you started right, so you don't have to fix problems later. Here are some things an accountant can help you with. Deciding How To Structure Your Business An accountant will explain your options for structuring your business whether you are the only owner or if you have a partner.
3 Savings and Investment Strategies That Will Help You Enjoy Your Golden Years
If you want your retirement years to be enjoyable, you need to have money to take care of yourself and you need to have the funds to enjoy life, not just live life. The key to enjoying your retirement years is to save for your retirement throughout your working life. Always Contribute Towards Your Company Retirement Plan If you want to have a nice retirement fund when you are ready to finish working, you need to make sure that you are contributing adequately towards your retirement.
Four Things Tax Accounting Software Often Misses
Many people attempt to do their taxes on their own through the use of online tools. While this can be excellent for those who have relatively simple statements, there are some things that a tax program can miss. Tax programs rely upon a question and answer system in order to determine what your true tax debt is -- and there may be questions that it simply doesn't think to ask.
5 Accounting Tips For Small Business Owners
Owning a small business can be very rewarding, but it also comes with the responsibility of paying taxes and keeping track of finances. Being organized is essential for a small business owner who wants to be prepared for tax time and also have a clear picture of the company's finances. If you are a small business owner, use the following accounting tips: Keep Business Expenses Separate A common mistake that small business owners make is failing to keep business expenses separate from personal expenses.
