The qualified business income deduction (QBI) is a tax deduction that allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. In general, total taxable income in 2021 must be under $164,900…
The CFO is one of the most important roles in any business. For many companies, hiring an in-house CFO can be too expensive. Fortunately, there are several solutions to this problem. One viable option is outsourcing to a 3rd party professional. Here are some things you should know before making this decision. Who is a…
What is a Tax Deduction and How Does it Differ from a Tax Credit? A tax deduction is a sum of money that you can subtract from your taxable income. A tax credit, on the other hand, is a sum of money that you can subtract from your taxes owed. Although they are both ways…
The tax season can be a stressful time. If you own your own company, you’ve probably been dreading the paperwork and how much it costs to do your taxes. However, there are some write-offs that may help reduce the amount of money you owe. These are write-offs that many forget about but should consider especially…