Empowering Data Teams Passthru Entity Deduction for Seamless Data Management

The Tax Cuts and Jobs Act (“TCJA”) created a 20% deduction from income for businesses operating as “pass-through” entities. The 199A pass-through deduction violates the common tax policy goal of horizontal equity because businesses with similar incomes do not pay the ... To be eligible to claim a tax deduction for 20% of qualified business income (QBI), your business must be a pass-through entity.1 Pass-through entities are so ... Under the Tax Cuts and Jobs Act, small businesses that are pass-through entities may deduct up to 20% of qualified business income on... Effective January 1, 2021, the Michigan flow-through entity (FTE) tax is levied on certain electing entities with business activity in Michigan. Intuitively, if a passthrough entity pays PTE taxes on business income, the character of the SITP deduction should be the same character as the ... As part of the TCJA, Congress included a deduction on taxable income for owners of pass-through businesses, having lowered the tax rate on C corporations to 21 ... CNBC's Robert Frank reports on a workaround for wealthy taxpayers. For access to live and exclusive video from CNBC subscribe to CNBC PRO: ... With this deduction, pass-through entities (such as sole proprietors, LLCs and S Corps) can get an extra 20 percent deduction on their business income, with ... Pass-through owners who qualify can deduct up to 20% of their net business income from their income taxes, reducing their effective income tax rate by 20%.