Section 199A deduction also known as the Qualified Business Income deduction arises from the Tax Cuts & Jobs Act of 2017. This is a significant tax break for small business owners but there are rules and limits of course. Section 199, without the A, is the section covering Domestic Production Activities Deduction. Section 199A is seemingly modeled after this (or…
I haven often come across the stall from a business owner on the phone, when they say: “We have an Accountant already, and we don’t need a bookkeeper, thank you.” Not what you really want to hear when prospecting, and not always easy to then break the ice and explain why a bookkeeper and accountant need to run alongside each…