A New Qualified Business Income (QBI) Deduction Represents a Big Opportunity
A recent feature in ROI-NJ discusses how many New Jersey taxpayers, particularly the high-wealth individuals, are assuming that new changes in the SALT deduction will significantly raise taxes for the next year, although, according to some tax professionals, this may not always be the case.
Managing Partner of the Livingston, New Jersey Office, Alex Serrano, offers his professional insight on how a new qualified business income (QBI) deduction can complicate the matter and can actually lower taxes for wealthy individuals.
“Because, for those who can qualify for this, it represents a big opportunity they didn’t see in the past on their tax return,” Serrano said.
It really comes down to how wealthy individuals and married couples are filing their taxes to see who would qualify.
“And that’s why, more than ever, it’s important to have accountants to run these projections now,” Serrano said. “Everyone needs to look closely at how things may change for them under different scenarios.”