Author: DKSCPA

The Qualified Business Income Deduction Explained [2020]

Part of the 2017 Tax Cuts and Jobs Act is something called a Qualified Business Income tax deduction (QBI). A tax deduction sounds good, but who exactly is qualified for this particular deduction and how big of a deduction is it? Read on to learn how you may or may not benefit from this clause in the Tax Cuts and Jobs Act. Who Qualifies for the Qualified Business Income Deduction? The QBI was designed to benefit business owners of pass-through entities who are sole proprietors of their business. Sole proprietors do not have businesses big enough to receive the...

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How You Can Benefit From the Section 179 Deduction Tax Benefit [2019]

Small businesses are important for the economy of the country and they provide healthy competition within an industry. However, running a small business has many challenges, one of which is financial. It’s expensive to successfully run a business, and part of that expense is the purchasing of necessary equipment and property. In an effort to encourage small businesses to invest in themselves, the section 179 deduction was created, and then expanded by the Tax Cuts and Jobs Act of 2017 (TCJA).  So what is this deduction and how can your business benefit from it? What is the Section 179...

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Why the 2019 and 2020 Raises to the Contribution Limit for Retirement Accounts are Important for Your Financial Future

  Planning for retirement is one of the most important things you can do with your earnings, and many employees (and their employers) can contribute to retirement funds like 401(k)s and 403(b)s. However, contributions have limitations that sometimes undergo changes. In the past two Novembers, the IRS made some important raises to the contribution limit of retirement accounts for 2019 and 2020.  These changes include:  401(k) and 403(b) contribution limits were raised to $19,000 in 2019 and $19,500 in 2020.  Catch-up contributions for those over the age of 50 were raised to $6,000 in 2019 and $6,500 in 2020....

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How To Save Money On Your Taxes All Year Long

April 15 may seem a ways away, but did you know that keeping taxes in mind all year will actually help the weeks before April 15 go much more smoothly, and may even save you money? Tax season is not the only time we should be thinking about our taxes. You can save money on your taxes months from now by considering the following tips for the rest of the year. Save Money By Managing Your IRAs A certain amount of your income can be placed in an IRA to save for retirement. That money is tax-deductible, meaning you...

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Five Proven Ways To Save When Money Is Tight

Are you living paycheck to paycheck or close to it? It’s never a good feeling when you need to wait for that paycheck to come in before you can pay off a bill. And if a costly emergency comes up? Forget it. You may need to borrow money, take out a loan, or use a credit card, potentially putting you into debt. What you need is a healthy savings account. This article will show you how you can save money, even if you currently use every cent you earn to pay the bills. 1. Open a Dedicated Savings Account...

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