Get Immediate Tax Relief When You Call 866-286-1134!

Detroit MI

22 August, 2021

3:03 AM

Description

Throughout the years, legislators have written numerous lines into the tax code to soften the blow of the extra costs that self-employed persons must shoulder as they do business. The Tax Cuts and Jobs Act (TCJA), passed in December 2017 and effective as of the 2018 tax year, made several changes to self-employed tax deductions. Many of these changes are temporary and set to expire in 2025, but others are permanent.1 2 The law affects small businesses in many ways, particularly via a 20% qualified business income deduction for pass-through businesses—those that pay taxes through individual taxpayer(s) rather than through a corporation.3 Some deductions that have been eliminated include:4 Entertainment and fringe benefit deduction Employees' parking, mass transit, or commuting expenses deduction Domestic production activities deduction Local lobbying expenses deduction Deduction of settlement or legal fees in a sexual harassment case, when the settlement is subject to a nondisclosure A review of the most common self-employed taxes and deductions is necessary to keep you up to date on any necessary changes to your quarterly estimated tax payments. Call us today at 866-286-1134 to speak with a tax relief professional immediately.