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

📆 2019/12/21 20:02:00
📰 CNBC

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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.

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