Pass-thru Entity

Mstafford823

Expert
22
I'm a Sole Proprietor using my Ss# for taxes (no tax-I'd) do I qualify for the 17%deduction in the new Senate tax reform bill, or do I have to incorporate to qualify.
 
I'm a Sole Proprietor using my Ss# for taxes (no tax-I'd) do I qualify for the 17%deduction in the new Senate tax reform bill, or do I have to incorporate to qualify.

As I read the incredibly brief summaries of something that isn't even law yet, no, you don't have to incorporate for the deduction allowable for "pass-through" businesses.

At any rate, the tax reform isn't likely to apply to 2017 taxes so it's going to be a year before anybody is going to be able to calculate anything. When the new forms come we'll find out if us in the middle class really did get a break.

:skeptical:
 
This thread caused me to email my CPA. I quote "
the house and senate will have a joint committee and make changes
call me after the bill is signed by Trump"

Too early to speculate at this point.
 
Pass-thrus apply to LLC's, partnerships, 1120S, and schedule C's.

source: I do taxes (enrolled agent) and lurk these forums because I want to dabble in insurance.
 
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The lower rate wont apply for the insurance agent anyway. It does not apply for the finance industry or lawyers or doctors in both the house and senate version. It is business as usual for you.
 
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