News Formal

If you're a business owner, grab this 20% tax break before the year ends

  • 📰 CNBC
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 72%

United States News News

United States United States Latest News,United States United States Headlines

The new qualified business income deduction can be an attractive one for small business owners who want to save a few dollars in 2019. What you should know before you claim it.

Other tasks, including time spent purchasing property or traveling to and from your real estate, won't count toward the hourly requirement."Save your documents and receipts; you need to support your hours," said Troy Lewis, CPA, associate teaching professor at Brigham Young University.

If you're hoping to claim the deduction for a property you rent out, the IRS will want to know how much time you actually spent on maintenance, management and more.Do a gut check of your appetite for the deduction, and prepare for the possibility that you may have to make your case to the IRS.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The stock market could go up 20% from here, predicts Merrill Lynch Wealth Management president'The trend is your friend. We're very bullish on the market right now,' says Merrill Lynch's Andy Sieg. So. What! Lots of overpriced crappy stocks, CNBC means fake news! Celebrations of Trump’s impeachment?
Source: CNBC - 🏆 12. / 72 Read more »