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Huth Thompson LLP

Archive for January 2019

Qualified Business Income Deduction

One of the highlights of the new tax law is a great new deduction for business owners called the Qualified Business Income Deduction. It is a 20% deduction against the net income of a taxpayer’s qualifying business. For high income taxpayers there are certain rules that apply if they have what is known as a…

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1099 Due Date is Approaching

Just a reminder that the due date for filing most 1099 forms is almost here.  Any 1099-MISC forms with an entry in Box 7 for non-employee compensation need to BOTH be furnished to the recipient AND filed with IRS by January 31. These forms need to be completed for anyone your business paid any independent…

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Reasonable Compensation

As an S Corporation owner, reasonable compensation is likely a concept that has been discussed with you. With the passage of the Tax Cuts and Jobs Act, this topic may be one that needs further explored. A 20% deduction is now available based on your Qualified Business Income, essentially net taxable profit of your entity.…

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