Taxes

5 Things to Know About the Upcoming S Corporation Election Deadline

The new year is moving along swiftly. Martin Luther King Jr. Day has passed, the Grammys have come and gone, and many a person has already given up on their well-intended New Year’s resolutions. Fortunately, if requesting S Corporation tax treatment for your business in 2020 is on your list of resolutions, there’s still time to …

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What’s the Qualified Business Income Deduction and Can You Claim It?

The Tax Cuts and Jobs Act drastically cut the corporate tax rate. But it also introduced the qualified business income (QBI) deduction. The QBI offers a way to lower the effective tax rate on the profits of owners of pass-through entities. These include sole proprietorships (including independent contractors), partnerships, limited liability companies, and S corporations. …

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