Ok, so why I am ahead of my tax experts in looking at this? We have 2 S corps. Have calculated new law allowance limits based on income, w2 wages and real property investments and looks like I will be able to exclude about 24K from taxable income. Is anyone else familiar with this?
This recent article: https://www.journalofaccountancy.com/issues/2018/nov/irs-sec-199a-business-deduction.html
Welcome input!!
If you make less than ~$300k in aggregate, you should not be required to use the W-2 wage limit. In that case you can probably just assume you will get a deduction for ~20% of your net taxable income flowing through from the S Corp. Although if you are in the RE business and you are not materially participating, that might not qualify.