Tag Archives: Tulsa State Tax preparations

Facts About the Qualified Business Income Deduction

Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts, and estates may be eligible for a qualified business income deduction, also called the section 199A deduction. Some trusts and estates may also claim the deduction directly. The deduction allows them to deduct up to 20 percent of their qualified business…
Read more

How long should I keep records?

The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. The period of limitations…
Read more

Why You Should Pick the Executor of Your Will Carefully — Part Two

In my previous column, I discussed the responsibilities of executors, the persons who are the key figures in the settling of estates. Here, I’ll discuss why this is crucial and how badly things turned out for executors who failed to obtain the proper tax advice. The need to obtain the right kind of advice was made…
Read more

Visit Us On FacebookVisit Us On Linkedin