Last Chance For Pre-Retired Professionals & Biz Owners
Consider a dentist in her peak earnings years, with $500,000 of income. She's married, and her children are out of the house. The 35% federal tax bracket bites deeply into her income.
Because she is a partner in a business and it is not a "C corporation," she also qualifies for a 20% deduction under Section 199A of the new tax code for owners of small business that are S corps, LLCs, sole proprietorships, or other pass-through entities. To get this extra tax break, her taxable income must not exceed $315,000 for a married couple ($157,500 for a single).
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