Tax savings for business owners
The good news is that this year entrepreneurs and small business owners have an opportunity to tap into an additional 20% deduction on qualified business income (QBI).
The not-so-sunny news is that comes with conditions and limitations that are not easily understood, so you are better off working with a certified tax consultant to optimize your chances for get this tax break in 2019.
For instance, there are limits on your total taxable income, both for single individuals and those with families, before you can utilize these deductions.
In addition, if you are in a service-oriented business there are other constraints. Either way, reducing business income tax by 20% represents a significant tax savings opportunity that was not available last year.
