Article Date:
February 2018


Word Count:
969

 

 

Does Tax Reform Dislike Your Reputation or Skill?


Tax reform’s new 20 percent deduction applies to both in-favor and out-of-favor businesses when the individual claiming the deduction has taxable income of $157,500 or less (single taxpayer) or $315,000 or less (married filing a joint return).

 

When you are in the out-of-favor group, you get a zero Section 199A deduction

 

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when your taxable income is greater than the thresholds above and your business pays no wages or has no qualifying property, or

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when your taxable income is greater than $207,500 (single) or $415,000 (married filing a joint return).

 

Last month, we gave you a list of the broad out-of-favor groups. ... Log in to view full article.

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