Steve Moskowitz of Moskowitz LLP Offers His Top Tax Tips for Making the Most of the New Tax Law.
With the new tax law mostly coming into effect on 1/1/18, the Congress added a new Section 199A, allowing for the first time qualifying tax payers to deduct 20% of their “qualified business income”. “At its most simple, a qualifying taxpayer who has “qualifying business income” of $100,000 would only pay tax on $80,000. But many requirements must be satisfied and big changes loom on the horizon. Taxes – both for individuals and businesses – have changed forever,” states Steve Moskowitz, Lead Tax Attorney and Founding Partner at Moskowitz LLP.
