When I originally wrote about the 199A deduction, and what it meant to practice owners, a big caveat was that all of the strategies that were discussed were in theory only—we hadn’t gone through a tax season to see how the strategies actually worked in practice based on client adherence to advice and how everything “shook out” on the tax return. Practice owners, who have taxable income under the limits, are able to deduct 20 percent of qualified business income (QBI) on their personal tax return, thus reducing their tax bill even more. Now having one tax season behind us, we’re able to analyze how the conceptual strategies actually played out with clients. Read More