The more you explain it, the more I don’t understand it. Mark Twain had it right. Some things just tend to elude understanding.
Take tax reform. The Tax Cuts and Jobs Act (TCJA or the Act) created a complex new deduction for the owners of sole proprietorships and pass-through entities. Think partnerships, LLCs and S corporations that are taxed on their owners’ tax returns.
That deduction — the qualified business income (QBI) deduction or Section 199A— created a LOT of confusion. Also questionable strategies and advice. And plain old wrong information.
The more you explain it . . .
This series of blog posts on the qualified business income deduction demystifies the complex tax rules in four separate posts:
Want to know more about the qualified business income (QBI) deduction, Section 199A, or tax reform in general?