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Do You Owe the Section 965 Transition Tax?

For either 2017 or 2018, many U.S. taxpayers with an interest in a foreign corporation owe(d) the § 965 transition tax. However, the new rule arrived so quickly before tax season that many taxpayers may have missed it. In addition, certain aspects of the tax don’t quite line up with Congress’ stated intention for enacting […]

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Will Your Small Business Owe GILTI Tax?

A prediction for the coming tax season: GILTI taxes will blindside some small business owners operating internationally. Many small business owners with foreign corporations have grown accustomed to not paying tax on the corporation’s earnings until the corporation pays them a dividend. But because of the new tax reform bill, for many small businesses those […]

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S Corporation Section 199A Deduction

The S Corporation Section 199A deduction gets complicated. Especially for S corporation business owners who don’t get good advice from a knowledgeable tax accountant. Accordingly, this short post explains how an S corporation handles the Section 199A deduction. More specifically, the post describes how wages play into the calculations—and when they don’t matter. It briefly […]

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Has Your Small Business Stopped Growing?

Has your small business stopped growing? I might know why. And more importantly, if it turns out the textbook answer I give is right, the answer suggests concrete steps you can take to restart your growth. One caution up front though. We need to use a bit of math in the discussion that follows. However, […]

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Section 199A Trade or Business Concept Deconstructed

The new Section 199A deduction requires taxpayers to identify the individual trades or businesses they receive income from. The reason for this identification? The 20% deduction you calculate looks at trades or businesses individually. Example: You own four businesses: a pet food factory, a trucking company, a consulting firm and online retail store. Probably in […]

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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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