Latest Tax News Tax Advice for Businesses

Does my Business Qualify for QBI Deductions?

What is a QBI deduction? Qualified business income (QBI) deductions are one of the most talked about changes of the 2017 Tax Reform. This new tax break allows individuals and some estates and trusts who own pass-through entities—partnerships, LLCs, S Corporations and sole proprietorships—to deduct 20% of their QBI from their taxable income.  QBI deductions […]

Latest Tax News Tax Advice for Businesses

Filing Quarterly: The New Requirement

The Tax Cuts and Jobs Act passed in 2017 led to many changes for businesses, including a new requirement of filing quarterly. Businesses will still file their annual income tax return. It simply means that most of these businesses must report estimated taxes and employment taxes quarterly. Reporting Estimated Taxes Corporations expecting a tax liability […]