In 2018, the Tax Cuts and Jobs Act (TCJA) introduced the 199A Qualified Business Income (QBI) Deduction, promising a 20% deduction from taxable income derived from qualified trades or businesses. That meant a taxpayer earning $10,000 in qualifying income would only pay taxes on $8,000 of said income. The initial guidance from the IRS made it clear that in order to qualify for the 20% QBI deduction, income must first be sourced through either a U.Read POST
This past December, Congress passed a spending bill, The Setting Every Community Up for Retirement Enhancement (SECURE) Act, making big changes to rules for retirement savings plans. The provisions are generally positive for individuals saving for retirement and small businesses alike, but may hurt those who inherit traditional IRA’s. The following are some major points that are likely to affect a large number of our clientele: RMD & IRA Contribution Changes Effective starting in 2020, the SECURE Act has changed the age that account holders must make Required Minimum Distributions (RMDs) from 70.Read POST
For some parents, the thought of bringing their child to work with them every day may sound less than appealing, but for owners of LLC’s and partnerships, the tax law offers some enticing provisions which makes the prospect of hiring your children a potentially powerful savings tool. Save on Payroll Tax The IRS has stated that payments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to employee or employer Social Security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.Read POST
As 2019 comes to a close, now is an opportune time to review the current tax situations for both individuals and businesses alike. It is our goal to ensure that our clients are aware of, and take full advantage of any beneficial tax strategies and opportunities available, and to begin next year’s planning process as well. With so many changes made to tax law with the signing of the Tax Cuts and Jobs Act (TCJA), and with many additional changes undoubtedly on the way, we would like to take this opportunity to keep you up to date on some key considerations we have found to have the largest impact on our clientele:Read POST
Office Move Date: Monday, November 11th, 2019 **Note: Our office will be closed on November 11th-12th, and re-open Wednesday, November 13th. New Address: B.A. Harris LLP 1290 W. Myrtle St., Suite 310 Boise, Idaho 83702 Neither our phone number nor email addresses will change. We can still be reached at 208-424-5177. Our new location is at the foot of the I-84 connector into downtown Boise at the new Pioneer Crossing Building.Read POST
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