The Tax Reform Act of 2018 limited the amount an individual who itemizes deductions can deduct for state income taxes and real estate taxes to $10,000. For example, if you paid $8,000 in state income taxes and $7,500 in real estate taxes, you may only deduct $10,000 on your individual … Continued
Layman’s version of Deduction for Qualified Business Income of an Individual under Sec. 199A The Qualified Business Income tax deduction gives the owners of pass-through businesses like sole proprietors, partnerships, S corporations and real estate investors a deduction equal to 20% of qualified business income. What is Qualified Business … Continued