Quote:
Originally Posted by VRPdommy
Why don't you say something about it then. Or is that all you have to say about it ?
If you are loosing money on a pass through biz, it is deductible at 20% the following year.
I don't loose money on any entity. No help. AGI only, no SS reductions.
So I subsidize those of you who don't know how to make money. Rewarding continuous bad behavior year over year.
What's more to know outside of landlords llc's who contract work out (no employee's) and large holdings doing very very well with this.
Plenty of room for spoofing the system even more they way it is structured.
I thought we were suppose to be filing on a postcard now ? What happened to that ?
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You might want to look into what I'm referring to because you're obviously confused.. 20% deduction on
Qualified Business Income...... Not losses. Simply put 20% of QBI won't be taxed. If your income is $100k You will be taxed on $80k rather than 100k. Taxable income must be more than deduction.. If not it can be taken the following year. More or less small business owners are finally being rewarded for their entrepreneurism rather than getting ass fucked when it comes to taxes.