Hi everyone, am in the process of changing accountants and looking for tax strategies. There are many different forms, deductions confusing the big picture to me. Please correct this if it is wrong, any help is greatly appreciated.
Gross Wages + K1 + LLC income - deductions - QBI = net income that is subject to federal and state taxes.
What is the order each of these numbers are calculated and when is QBI applied? Does QBI disappear completely after the 415,000 threshold? During our interview process a cpa said that even with earners with over a million in profit could still have the qbi deduction, vastly different from another cpa we have talked to.
What tax strategies are you guys using to protect the funds or control them rather than see them disappear every quarter?
A lof of you may also come from real estate, with big losses due to repairs and bonus depreciation, what are ways to use these losses against profits from another business? Are businesses all netted together at the end of the day or are these real estate holdings supposed to stay in their own bubble and carry their own losses forward, never being able to offset profit from other K1s and LLCs?
Gross Wages + K1 + LLC income - deductions - QBI = net income that is subject to federal and state taxes.
What is the order each of these numbers are calculated and when is QBI applied? Does QBI disappear completely after the 415,000 threshold? During our interview process a cpa said that even with earners with over a million in profit could still have the qbi deduction, vastly different from another cpa we have talked to.
What tax strategies are you guys using to protect the funds or control them rather than see them disappear every quarter?
A lof of you may also come from real estate, with big losses due to repairs and bonus depreciation, what are ways to use these losses against profits from another business? Are businesses all netted together at the end of the day or are these real estate holdings supposed to stay in their own bubble and carry their own losses forward, never being able to offset profit from other K1s and LLCs?
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