Tax Reform Snippets for small business owners and self-employed

1099s, Unite!

Is the new tax law good for freelancers and independent contractors? Well, it depends. Over a few posts, I”ll highlight a few amazing wins for 1099s.

Here’s one example where it’s pretty amazing to get paid without a W-2.

20% Qualified Business Income Expense

Isaac is a freelance journalist who earned $26K from his articles being published.  Since he’s single, no kids, he’ll save about $625 bucks on his 2018 taxes because he may deduct up to 20% of qualified business income.  This applies to income from a partnership, s-corp or sole proprietorship for a tax year.

There are a few limitations, so check with a hotshot tax advisor who specializes in small businesses. And if you’re a DIYer, here’s a useful resource, courtesy of TurboTax.

Cheers,

 

Kwame

***Disclaimer** This response was prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. Attorney advertising. If you have any more questions, reach out to the team at ScotchPalm.com—fearlessly connecting the dots for entrepreneurs.

 


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