What is Section 199A 20% Off your taxes! New Tax Law: The Section 199A created by the 2017 Tax Cuts and Jobs Act and allows non-corporate taxpayers to deduct up to 20 percent of their QBI, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnerships (PTP) income.
IRS.gov Q & A Section 199A
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IRS Schedule C for Freelancers and Small Business Owners 1800+ Students 4.5 Rating [ Ссылка ]
Section 199A is available to individuals, who file using a Schedule C, partnerships and S corporations. Some trusts and estates may also qualify. This is just one of the major tax benefits and tax loopholes for Schedule C filers.
You MUST qualify for this tax deduction.
1. A trade or business conducted by a C corporation CANNOT qualify
2. Taxpayers with taxable income that exceeds the threshold amounts also CANNOT qualify. The threshold (2019) for single tax payers is $160,700, and $321,400 for married filing joint.
There are additional stipulations, like all tax benefits Congress provides for the small business owner,
Congress provides as many tax benefits as possible to the small business owner because small businesses employees over 60% of American taxpayers. Most Americans work for small businesses , not Fortune 500 giants. The hero in America is the small business owner who dares to not only support himself, but others as well..
American has a second superhero beside the small business owners, and that's the men and women have fought for us to maintain the right to live in free country. Thank you to the US Military Forces
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