I have read through the 2018 Changes posted by Mark Serbinski on his 2018 Tax Changes Board and would like to add the following comment for something I feel most readers in this forum would care to know.
The Passthrough Deduction for Qualified Business Income the definition that excludes Specified Service Trade or Business ( SSTB) as Mark has indicated does not allow for such service businesses as accounting, actuarial, athletics brokerage ,consulting, financial services , health,law performing arts etc
but one very important NOTE that you should all be aware of is that regardless of this limitation this New Section 199A deduction will be allowed on the abovementioned type of service businesses ( other than corporations)if the taxpayer has taxable income below $ 157,000 ( $315,000 MFJ) in 2018
So a large amount of taxpayers will still be able to claim this deduction even if they are excluded as long as they fall under this taxable income threshold and phaseout rules will apply to taxable income above this.
This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
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