Section 199A Small Business Deduction Overview (AC19)


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Discussion Leader
Tanya Baber, EA, CTRS

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Section 199A Small Business Deduction Overview (AC19)

Customer Rating

Field of Study

Taxation

Level

Basic

Credits

1

Qualifies For

CPE

Overview

With the passing of the Tax Cuts and Jobs Act in December of 2017, new legislation was put in place that altered income taxes, particularly for small businesses and their owners. Section 199A is by far one of the most complex things to come out of that legislation. With the changes came an entirely new way of calculating small business deductions, and much of the dust has yet to settle. This course will give you what we do know at this point and point out the areas that are still left undecided as well as a few tricky areas. We will help make sense of all the calculations through the worksheets we provide and even go through some basic planning ideas as we go.

Major Topics

  • Section 199A application
  • Section 199A proposed legislation/implementation
  • What is Qualifying Business Income?
  • What doesn’t qualify for deduction?
  • What is Wage and Capital Testing?
  • When should you use Wage and Capital testing?
  • What avenues are available to minimize taxable income for small businesses?

Learning Objectives

  • Learn about who can use pass-through deductions
  • Learn about specific income limits associated with Section 199A
  • Learn how to calculate and use Qualified Business Income
  • Discover the Basics of the QBI deduction including the General Limitation
  • Learn about Wage and Capital testing and when to use it

Designed For

CPAs, Tax Preparers, and small business owners who are seeking to understand the drastic changes in tax laws as they pertain to small businesses

Prerequisite

An understanding of basic taxation

Advanced Preparation

None


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Discussion Leader
Tanya Baber, EA, CTRS

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