If you are an S Corp, Partnership, or Schedule C business, you may still benefit from a 2018 change to the IRS code called the Qualified Business Deduction. While there are a number of rules and implications on which businesses qualify, if your entity is making money, it may be good to see if you qualify. Here’s a brief overview from the IRS.
Resources
Welcome to the Cloud Tax Matters Resources page. Trying to curate information from the web is tough: you don’t know the quality of the source or if the IRS would really allow that approach. Random Googling is a very risky way to try and get information. On this page, you will only find information that is sourced from experience and then linked to an IRS resource or another vetted resource – a known advisor, researcher, or reliable media outlet. Learning how to identify what is real versus what may be “fake news” is not easy, but getting to know trusted web resources is a good first step.
Tax Articles To Read:
Congress encourages home ownership and provides tax incentives to support it…including providing some gain exclusion. Read here to understand more.
Forbes Editor’s Picks
https://www.forbes.com/taxes/
IRS Newsroom
https://www.irs.gov/newsroom
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