New Pass Through Rules

aheff

Guru
100+ Post Club
447
I am trying to wrap my arms around the new Tax Bill and how it might benefit my/our business tax situation. It appears that Schedule C or LLC's may be able to deduct 20% of their business income. However the devils in the details, and there seems to be exceptions to that rule, as well as exceptions to the exceptions. Has anyone else tried to figure this out, or is it way too early to worry about 2018 taxes? My big, initial question is- our we categorized as a "specified service business?" I beleive that if income is below a certain level, this is a moot question. If we are not categirzed as a specified service business, then there is no income limits to be concerned about.
 
Honestly, the person with the best advice that can help you with this is a qualified tax professional. I would go to your CPA that does your taxes. For my agency, we are labeled as a pass-through organization due to the way cash flows to us.

Again, I am not a tax advisor. Also, it's never too early to be thinking about how taxes will affect your business and planning around them.
 
Back
Top