s corporation - small business tax strategies in Cleveland

S Corporation QBI Deduction: Can an S Corp Save You More?

Can an S Corporation Increase Your QBI Deduction? If you're a successful sole proprietor, you may already have heard one of the most common pieces of small-business tax advice: "You should consider becoming an S corporation." Usually, that conversation focuses on potentially reducing self-employment taxes. But for some higher-income business owners, there may be another...Continue reading

>How Does the QBI Deduction Work If I Own Multiple Businesses?

How Does the QBI Deduction Work If I Own Multiple Businesses?

If you own one business, calculating your Qualified Business Income (QBI) deduction can already get complicated. Own two or three businesses? Now you have another question: Does the IRS calculate the QBI deduction separately for each business, or can you combine them? The answer can potentially make a significant difference in your tax bill. Section...Continue reading

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