tax deduction
Rental Real Estate and the Qualified Business Income Tax Deduction
The Tax Cuts and Job Act established the qualified business income (QBI) tax deduction in section 199A of the Internal Revenue Code. Congress enacted section 199A to provide a deduction to non-corporate taxpayers of up to 20 percent of the taxpayer’s qualified business income from a qualified trade or business,… Continue
Recordkeeping for Donations to Charity
One of the requirements for claiming a tax deduction for a contribution to a charitable organization is that you have to be able to prove it. The rationale is clear, but the rules for compliance are very detailed and the cost of running afoul of them can be substantial. For… Continue