For Qualified Business Income Deductions - Section 199A
The Tax Cuts and Jobs Act passed on December 22, 2017 contains provision for a new qualified business income (QBI) deduction known as Section 199A deduction. This provision was included as a deduction for taxpayers that own an interest in a pass-through entity such as a sole proprietorship, partnership, S corporation or limited liability company.
Calculating the qualified business income deduction can be confusing and complicated. There are special rules for certain types of trades or businesses and in some cases the income from the trade or business is subject to a phase out percentage and / or adjustment.
S199A Pro is an effective tool for verifying and understanding calculations made by tax preparation software or for year-end tax planning purposes. You can also change the parameters to perform what-if analysis to maximize deductions.
The information that you can gain from S199A Pro can be invaluable to clients. The program allows you to create what if analysis based on W-2 wages and fixed asset purchases so the taxpayer can see at a glance the effects those changes have on their bottom line tax savings. Similar comparisons can also be made on the aggregation of businesses and the potential effects on the Section 199A deduction and tax savings.
Create an unlimited number of client files with as many different scenarios as you need. This tool will become invaluable as you explore the potential tax savings for your clients. Technical support and free updates are included with your subscription purchase. The documentation included with S199A Pro explains the concepts, terms, and calculations in easy to understand language and takes the guesswork out of this complicated deduction. A tutorial is also included with sample data files for all calculation scenarios for the Section 199A deduction.
S199A Pro is a software application that calculates the qualified business income deduction for all situations. The interface is specifically designed to be efficient and informative so that the resulting calculations are clearly understood.
View and edit each taxpayer client file easily with all information displayed in a concise, easy to understand format. Edit changes are saved automatically so you never have to wonder whether changes you make have been saved.
The File Manager provides an easy way for you to access files by displaying additional information such as the company name, tax year, and full path of the file. This information is automatically displayed whenever you click the File Manager button found on the Home screen.
Adding new entities can be accomplished with the click of a button. You can supply a minimum of information just to see how the deduction plays out and then go back and add the business name, description, EIN, etc. at any time.
Aggregating entities is also accomplished by clicking a button on the Home screen. Once the aggregated entity is entered, you can add as many entities and aggregate them all into one. The number of entities that can be aggregated is unlimited, as is the number of aggregates that can be added for each taxpayer.