Business & Entrepreneurship Podcasting with Micheal & Tatiana: Formerly Known as the Watch4thehook10 Apr 2024

Uncle Sam Keeps Moving the Goal Post

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Just when you think you have things all figured out, the rules change, and no one told you about it. This can happen to business owners on a daily basis. You feel like you are about to do something great in your business and then it misses the mark again. It feels like they keep moving the goal post so to say. One of our latest frustrations comes from the Internal Revenue Service (IRS) on what qualifies as qualified business income (QBI). QBI is the net amount of qualified items of income, gain, deduction, and loss from any qualified trade or business, including income from partnerships, S corporations, sole proprietorships, and certain trusts.

So, what has us all in an uproar? M&T Parker LLC is a partnership with 0 W-2 wage paid employees. That means we cannot submit W-2s as a form of business tax deductions. So, for small businesses like us, we sometimes may have to rely on business deductions as a form of loss to help with tax write offs. QBI also deals with the amount of liquid cash you have put into your business as well. Example, if I put $10,000 cash into my business and I had $12,000 in deductions or losses, you can only file up to $10,000 in losses only because you only put in $10,000 cash into your business. They are basically limiting the amount of deductions and losses a business can file based on the cash they put into their business. Once again it is another way, they keep moving the goal post for small to medium business owners.

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#taxseason2024 #smallbusiness #taxdeductions #qailifiedbusinessincome #taxfiling #W2 #wages #income #taxableincome

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