Year-end tax action: Boost retirement savings to maximize 199A deduction
Many small-business clients can minimize taxes by maximizing the QBI deduction value for 2018.
By Robert Bloink and William H. Byrnes|November 28, 2018 at 09:54 AM|The original version of this story was published on ThinkAdvisor
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Now that the IRS has released its proposed regulations interpreting the new IRC Section 199A deduction for qualified business income (QBI) of certain pass-through entities, small-business clients should be advised to perform an end-of-year checkup focused on action steps that could potentially allow the client to maximize the value of the QBI deduction.
For many small-business clients, it’s not too late to take steps to minimize taxable income to qualify for the full deduction.
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