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Section 199A Rental Property Trade or Business Definition

Section 199A potentially gives real estate investors a deduction equal to 20% of their rental income. Some real estate investor with, say, $100,000 of rental income might get a $20,000 Section 199A rental property deduction. But a catch exists. An investor’s real estate activity must generally rise to the level of a trade or business. […]

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S Corporation Home Office Deduction Revisited

At lunch last week, my oldest friend (since 5th grade) who is also a fellow CPA made a great observation. If you run your business as an S corporation and haven’t been taking the home office deduction, you want to rethink that approach. More specifically, if you think you can qualify for the home office […]

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The Retirement Saving Section 199A Deduction Connection

Someone recently asked me a really good Section 199A question: Does a pension fund contribution such as to a SEP-IRA or 401(k) plan lower one’s qualified business income deduction. The qualified business income deduction, also known as the Section 199A deduction, gives business owners and some real estate investors an extra bonus deduction equal to potentially […]

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Pricing Small Business Services Profitably

A weird coincidence: Over the last week, I’ve run into two friends (not clients) who told me they aren’t pricing small business services profitably. One friend runs a successful professional service firm generating nearly $2 million a year in revenue. The other started a micro business a while back and now generates about $50,000 in […]

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Sec. 965 Transition Tax, IRS Pub 5292 and the Great Goat Rodeo

Most of the time, this blog addresses subjects of general interest to most small business owners. But this week, I want to talk about the Sec. 965 Transition Tax and about how tax accountants can use the IRS Pub 5292 worksheets to develop the information taxpayers need to report on their 2017 tax return. We […]

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Sec. 199A Proposed Regulations News

Normally, we don’t “do” news type blog posts. This is a how-to blog, obviously. But we rather accidentally stumbled on some news about the Sec. 199A proposed regulations, so it makes sense to share that information. But let me provide the backstory. I had found some information about the Sec. 199A proposed regulations being sent […]

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Washington Small Business Payroll Setup Tips

You know your business needs to hire employees, and you’re already on board with using a full-service payroll provider such as Gusto, Intuit Full-Service Payroll, ADP, or Paychex. Your accountant said it would be “easy” and that the payroll service would “take care of everything for you.” But now you’re looking at the software setup […]

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Washington Estate Tax Worries? 3 Tips Save Thousands

Editor’s note: This week, attorney Raemi L. Gilkerson discusses the Washington estate tax and then the steps individuals can take to minimize this tax. Washington estate tax rates rank the highest of any state in the nation.  The tax rates range from 10 percent to 20 percent and are graduated based on the value of the estate. Washington […]

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The Wisdom of Elders: Bogleheads Three Fund Portfolio

Last Thursday, Taylor Larimore sent me a copy of his new book, “The Bogleheads Guide to the Three-fund Portfolio.” Saturday morning, I read Larimore’s book. And that read prompts this short blog post. I want to provide a quick book review and then make a couple of comments about Larimore’s body of work. The Problem […]

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Right Way to Handle Inherited IRA Accounts

There’s a right way and a wrong way to deal with inherited IRA accounts. And in this blog post, I want to talk in general terms about the right way to handle inherited IRA accounts. I will also point out some other resources you can tap for more detailed information. TIP #1: Take RMDs from […]

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