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Waived penalty for those of you whose tax withholding and estimated tax payments fell short in 2018

January 24, 2019

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Final regulations & other guidance on new qualified business income deduction

January 31, 2019

 

The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income deduction.

 

This new QBI deduction,  was created by the 2017 Tax Cuts and Jobs Act and allows owners of sole proprietorship, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income.  

 

Those of you who are able can also deduct up to 20 percent of your qualified real estate investment trust dividends and publicly traded partnership income.  

 

The QBI deduction is now available in tax years beginning after Dec. 31, 2017, meaning that those who are eligible will be able to claim this for the first time on their 2018 Form 1040.