The Tax Cuts and Jobs Act of 2017 brought many changes that will impact many taxpayers this year, and one of the most sweeping is the introduction of Section 199A known as the Qualified Business Income Deduction or 20% of pass-through income deduction.
Sharrard McGee & Co., PA Tax Manager, Doug Brown, CPA, CGMA has written a two-part blog which explains Section 199A and identifies exceptions and limitations. The first part can be accessed at:
The team of tax advisors at Sharrard, McGee & Co., PA looks forward to discussing the Qualified Business Income Deduction with you and answering any other questions you may have about how the TCJA will impact your individual or business return. Please call us at (336) 884-0410 in High Point or (336) 272-9777 in Greensboro.