Section 199A allows passthrough businesses to deduct 20% of their net income. In this video, Sean Kelly, CPA at Markowitz, Fenelon and Bank, shares how Section 199A affects businesses, which businesses can take advantage of this deduction and what steps a business owner can take throughout the year to remain under the deduction threshold. Section 199A is a complicated area of the new tax law. We encourage you to consult with a tax accountant to discuss your specific set of circumstances.
Check out additional short videos about Section 199A impact.
S-Corps have some flexibility under Section 199A. Find out more.
Are you a contractor considering which worker classification to consider – employee or subcontractor? Learn about the impact Section 199A has on this decision.