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Jacobs & Newmark, CPAs
100 Lexington Drive, Suite 250, Buffalo Grove, IL 60089
Phone: 847-537-0100
Question:
My income last year was too high to take the full qualified business deduction. What can I do to come closer to getting the full deduction next year?
If your business income fluctuates and you’re close to the threshold, you might push sales into next year to lower this year’s income. You might also open a SEP-IRA, SIMPLE plan or 401(k) plan, where contributions are made pre-tax, lowering your taxable income.
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