As the 2017 tax season winds down, Moskowitz LLP (www.moskowitzllp.com) in San Francisco is gearing up to give business owners a strong head start on next year’s taxes by helping them to take full advantage of the major changes looming on the horizon.
The recently implemented Tax Cuts and Jobs Act of 2017 introduces several important tax code revisions that will impact nearly everyone.
Business owners, in particular, stand to gain a great deal from the updated Internal Revenue Code Section 199A Qualified Business Income Deduction – as long as they know the correct steps to follow.
Moskowitz LLP helps business owners determine how they can benefit from the updated laws, as not all businesses qualify for the substantial 20% tax deduction.
Sole proprietors, S Corporations, LLCs, and other pass-through entities are most likely to benefit from the new law, but factors such as income and industry affect just how much they stand to gain.
If you are in a specified trade or business that earns over the allowable threshold amount, Moskowitz LLP is a reliable resource for finding effective strategies to avoid the phasing out of your benefits, such as:
· Forming multiple entities by organizing the different functions of your work (billing, advertising, record keeping, etc.) into individual businesses, each of which qualify for the deduction.
· Increasing the wages paid by your S Corporation, reducing your flow-through income to maximize your deduction amount.
· Making additional capital purchases for your business, such as equipment or real estate, which can act as an alternative to taking wages.
Having an experienced team of tax attorneys on your side is the best way to maximize your benefits under the new tax law and make it work for you and your business in 2018 — and we want to help you identify whether your business qualifies and provide you with a solid plan for a prosperous year.
About Moskowitz LLP:
Tax attorney Steve Moskowitz founded what would become Moskowitz LLP over 30 years ago, a tax law firm offering clients a full variety of services that include domestic, international, and criminal tax law representation, tax planning, and tax preparation of current and delinquent fillings. Having practiced as a CPA for a “Big 8” (now “Big 4”) firm, as well as teaching tax, law and accounting at the nation’s most prestigious universities, Steve has served as expert legal analyst for top media outlets, where he appears daily on the radio and weekly on TV. Steve knows his profession inside and out, and his message is simple: Don’t go it alone against the IRS. Passionate about helping clients navigate the complex intricacies of tax law, Steve practices as the founding partner of Moskowitz LLP in San Francisco, overseeing a growing team of accomplished tax attorneys and accountants. Visit www.MoskowitzLLP.com or call 415-394-7200 for more information about legal services, valuable tax resources, and to request a tax consultation.