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.
We all know the importance of reviewing your business’s tax position in “good times,” but what about the “bad times?” Managing your taxes is a critically important piece of the financial planning process in any given year.