If you used H&R Block or self-prepared with TurboTax for tax preparation and have a pass-through entity (an S-corp, Partnership, Schedule C, Schedule E, Trust), you’re missing out on an up to 20% Qualified Business Income tax deduction.
Both of these platforms may have failed to include a form that’s been in the tax code since 2018 and are causing taxpayers to miss out on (up to) a 20% tax deduction. For taxpayers with significant income from pass-throughs, they will be overpaying taxes in the thousands from missing this deduction.
If this is you and you had a profit as a pass-through entity, you’ll need to check your return to see if form 8995 or 8995-A was included. If not, you’ll need to amend and make sure that form is included.
Don't miss out on significant tax savings. Contact Verity CPAs today at info@verity.cpa or 808.546.5026 to ensure you're getting the deductions you deserve.
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