Date of Posting : June 22, 2020
This is one of the confusing questions asked by most of our clients. Maybe Yes or Maybe not! If you are married and in the doctor, making a profession of $300,000 as a household income, you may lose your
Section 199A deduction, but if your income is $500,000, you may lose your income. It would be best if you re-read this. If your business is labeled under specified service trade or business, that doesn’t mean that your business is terrible until you meet thresholds level, which is $157,500 for singles and $315,000
for a married couple filing tax jointly. These numbers indicate the wrap up of the 24% marginal tax bracket, and the next tax bracket starts from 32%. This means 32%, 35%, and 37% are wealthy taxpayers and get limited Section 199A deduction.