Maybe a Retirement Plan Can Help!
The 2018 tax year is the first year to take advantage of the Tax Cuts and Jobs Act of 2017 (TCJA), the problem is until recently there was very little regulatory guidance on how to apply certain provisions. In particular, clarification on what constitutes a “specified service business”, and how the 20% deduction on pass-through income is applied. Now that regulations have been released, it’s time to see if there is a way to maximize this deduction for 2019 and beyond.