Tag Archives | pass-through deduction

Tax Considerations When Starting a New Business

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The Pass-Through Deduction To the extent your business generates qualified business income […]

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9 Tax Rules and Considerations When Starting Your Own Business

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction […]

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