199(A) Case Study #1 – Marital Status Impact

[This post starts a multi-part series on the new 199(A) deduction.  Be sure and check out our blog during the second week of each month to see the next case study. If you are looking for the basics of what this deduction is, please check out this post.]

 Today’s case study is going to look at how marital status impacts the 199(A) deduction for physicians who earn their income as 1099 contractors. Continue reading

199A – The Basics

In last year’s Tax Cuts and Jobs Act, Congress lowered the corporate tax rate from 35% to 21%.  To level the playing field for pass-through businesses, they created a new deduction.  The goal of this post is to explain the basics of this deduction, so that you can learn how it may apply in your situation. In upcoming posts, we will look at the details of some real cases to help you understand how the different elements of 199A may affect you. Continue reading

QuickBooks – which service should I use?

In this month’s video, I shared some strategies for getting organized with your tax records.  One of the most common groups of clients that seem to have trouble getting and staying organized are those that have 1099 income.  The main reason for this is that some additional deductions are now available to you.  If you find yourself in that situation, I may have a solution for you.  QuickBooks offers a couple of services that help you track your income and expenses. Continue reading

Getting Organized [Video]

With back to school, fall sports schedules, and life in general, you might feel like you’re sitting in the middle of a merry-go-round and can’t get off.  While we can’t help pack Susie’s lunch or take Billy to football practice, we can help you get your tax records organized.

 

She gives you some tips to help get your tax records organized now, and keep them organized, so that when year end rolls around, you can enjoy Christmas break with the kids instead of shuffling through paperwork for tax season.