Article Date:
January 2018


Word Count:
536

 

 

Tax Reform Sticks It to Doctors, Lawyers, Athletes, Traders, and Others


If you operate what lawmakers call a “specified service trade or business” and you make too much money, your 20 percent tax deduction under new tax code Section 199A will be zero.

 

This out-of-favor “specified service trade or business” group includes any trade or business1

 

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involving the performance of services in the fields of health, law, consulting, athletics, financial services, and brokerage services; or

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where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners; or

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that involves the performance of services that consist of investing and investment management trading, or dealing in securities, partnership interests, or commodities. For this purpose, a ... Log in to view full article.

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