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Noel Santos
Emmanuel A. Santos JD CPA, Incorporated
447 Sutter Street, Suite 714, San Francisco, CA 94108
Phone: 415-362-8921
Fax: 415-362-8924
Cell: 415-412-5839
Email: noel@eas-cpa.com
Website: www.eas-cpa.com
Your Business...Your Family...Our Concern
May 2019
Passing Through
The IRS issued final regulations and more guidance for the new qualified business income (QBI) deduction available to some business owners. Also known as the pass-through deduction, this benefit allows many sole proprietors and owners of partnerships, S corporations, trusts and estates and some real estate investment trusts to deduct up to 20% of their QBI on their tax returns.
The QBI deduction is generally available to taxpayers with 2018 taxable income at or below $315,000 for joint returns and $157,500 for other filers. Taxpayers with incomes above these levels may still be eligible for a full or partial deduction subject to limits, including the type of trade or business, the amount of W-2 wages paid in the trade or business and the unadjusted basis immediately after acquisition of a qualified property.
These are among the most complicated of the new tax provisions, so consult your tax professional to learn more.
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