As we approach the holiday season, or tax-planning season as we like to call it, there are major tax changes that will require proactive planning with your tax professional. The tax law changes that have been in the news may seem overwhelming, but it is more important than ever to spend time optimizing tax strategies to reduce your tax liability. Here are some of the important tax planning strategies to consider.
One of the key portions of the 199A deduction is the definition of qualified business income (QBI). So what is QBI? According to the proposed regulations, this tax talk walks through some examples of items considered QBI.
The IRS just released proposed regulations that discuss the increased 100% bonus depreciation. Part of the new tax law allows farmers to immediately write off 100% of new or used qualifying purchases for federal income taxes. What does this mean in the partnership context?