Planning Briefs
The Big New Tax Break For Pre-Retired Professionals
Published Tuesday, October 2, 2018 at: 7:00 AM EDT
Pre-retired dentists, doctors and lawyers as well as other independent professionals may be able save tens of thousands of dollars in income taxes annually during their peak income years under the new federal tax regulations. The new rules are complex. Here are 10 things pre-retired business owners need to know about qualifying for a 20% reduction in qualified business income under Section 199(A) of the new Internal Revenue Code: 1. Sole proprietors, LLCs, S corps, partnerships and other pass-through entities qualify. 2. Real estate and rental business income — including self-rentals — may qualify.3. Some businesses are specified as ineligible and you may...
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