10 Strategies To Reduce Your Taxes - Tip #8 Don't Leave Free Money On The Table!!!
The end is near… Today, we have another powerful tip to help you reduce your tax bill. Don't leave FREE money on the table for the IRS. It has been a long journey, but we are almost done with all the last-minute strategies to help you speed up your tax savings! Want to save even MORE? Make sure to watch this video so you are equipped with one more powerful strategy.
QBI or S199A deduction refers to qualified business income deductions. These deductions were created for pass-through entities so that business owners receive a 20% deduction from the profit generated. Yes, this is FREE money because as long as you are a pass-through entity, you receive it automatically. However, the caveat is that you need to stay under a certain income threshold before limitations or additional requirements kick in. In this video, we go in-depth with some rules and requirements to watch out for 2021 QBI deduction. We also further explained what is SSTB and how it would affect businesses involved in specified service trade or business.
Want to find out more about QBI and how to maximize the benefits, please watch our video.