Take Advantage of the New 20% Biz Income Deduction
In a recent article published by Hartford Business Journal, Brenden Healy discusses the new 20% biz income deduction and offers insights on how to take advantage of its benefits. The new 20 percent deduction may allow a business owner to save a significant amount of money off their personal income tax bill. This deduction is available to owners of "pass-through" entities, including sole proprietorships, partnerships, S corporations, trusts, estates or LLCs. If you have rental properties, this deduction might also apply. Also under the new tax law, taxpayers may be able to deduct 20 percent of their real estate investment trust (REIT) dividends and publicly traded partnership income as well. This deduction is significantly beneficial to pass-through business owners. However, it can be complicated. Check out Brenden's article for information and tips on how you can take advantage of the new 20 percent deduction.
To learn more, contact a Whittlesey advisor today.
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