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Who Can Claim the 20% Deduction for Pass-Through Income?

Posted by Admin Posted on May 24 2018

Small businesses that file Schedule Cs on Form 1040, Partnerships filing Form 1065, Sub-S Corporations Form 1120S and LLCs that have pass-through income may claim the  20% deduction against income. Limitations apply to high earners in certain service fields. Phase out begins at $315,000 for Joint Filers and $157,000 for Single, Married Filing Separate and Head of Household.

Small Businesses options for Retirement Savings

Posted by Admin Posted on May 24 2018

SEPs, SIMPLE IRAs, payroll deduction IRAs, profit sharing plans, 401k arrangements and defined benefit plans are options for Small Business retirement. IRS Publication 3998 is a helpful brochure that compares payin limits, eligibility, the employer's role, withdrawal and borrowings, vesting, filing requirements and other basic operational rules for the various plans.

Welcome to Our Blog!

Posted by Admin Posted on Mar 24 2015
This is the home of our new blog. Check back often for updates!