Business owners reading about the qualified business income deduction.

Information on Qualified Business Income Deductions


The 2017 Tax Cuts and Jobs Act changed a lot of the tax norms in this country. One provision that many business owners will benefit from is the Qualified Business Income Deduction, also known as Section 199A. This allows certain sole proprietors, owners of S Corporations and partnerships to deduct up to 20% of their qualified business income (QBI) from their…


Retiring firefighter researching the retired public safety officer tax exclusion

What is the Retired Public Safety Officer Tax Exclusion?


As a tax preparer, you will see all kinds of clients. Each new job will bring unique tax situations, and it is essential to brush up on these lesser-known rules before meeting with them. Retired Public Safety Officer Exclusion This type of job includes retired law enforcement officers, firefighters, chaplains, members of rescue squads, and members of ambulance…

Woman reporting her costs of goods sold with TaxSlayer Pro.

What is Cost of Goods and How is It Determined?


If you are filing taxes for a business that sells goods or products, you will need to report the costs of goods sold on their tax return. What is the cost of goods sold? The cost of goods sold (COGS) is the costs directly related to the generation of the products sold by the company. This amount includes direct labor costs and the cost of materials. It does not include…

tax professional reviewing the irs tax transcript on his laptop

IRS Tax Transcript: What You Need to Know About the New Design


Individuals and authorized tax preparation professionals can request and receive tax transcripts from the IRS to assist with accurate financial reporting and tax preparation. These tax transcripts are important official records and contain sensitive personal information about individuals that could compromise their security. The IRS now redact certain…