There Are Still Many Questions Regarding the Qualified Business Income Deduction
Section 199A deduction also known as the Qualified Business Income Deduction (QBID) was created by the 2017 Tax Cuts & Jobs Act. This new code section is a significant tax break for qualifying small business owners. However, this 20% deduction, is saddled with exclusions, phase-outs, technical issues, and uncertainties that may limit business owners the […]
A Message from Paul Pittman: Practice Patience
I was often told by my mother growing up that patience is a virtue. The older I get and the more life I live, the more fully I understand how correct she was. Patience involves acceptance and tolerance with situations that otherwise would make us upset, angry, annoyed or irritated. Calling patience a virtue makes […]
The Benefits of the Indiana College Choice 529 Plan
Named after the IRS Code Section that created them, 529 plans assist parents and family members in saving money for a beneficiary’s higher education. There are many 529 plans throughout the country but this article will focus on the Indiana College Choice 529 plan. The Indiana College Choice 529 plan is very flexible and affordable. […]
A Summary of the 2018 Tax Law Changes
[vc_row][vc_column][vc_column_text]The recently passed Tax Cut and Jobs Act was based on three over-arching themes: simplification, tax reduction and job creation. The simplification of the tax code is more readily apparent within the individual provisions as opposed to the business provisions. However, the Act reduces tax rates for both individuals and C corporations. Congress feel that […]
A Message From Paul Pittman: Life Lessons
The time where I, like many others, take time to reflect upon the past year has arrived. Reviewing my accomplishments and shortcomings gives me a moment to appreciate the gifts life has given me, and the things I would like to improve upon in the next year. During my refection this year, I thought about […]
Independent Contractor vs Employee Classifications
Regardless of your field of employment, the classification of whether an individual is an independent contractor vs employee will determine which laws of the Internal Revenue Code and the Fair Labor Standard Act (FLSA) are applicable to your company and the people you work with. Understanding the factors that determine the definition of that relationship […]
Reasonable Compensation for S Corporation Owners
The single most important tax attribute for S Corporation owners is that their share of the entity’s net income is not considered self-employment earning and therefore is not subject to self-employment taxes. In contrast, sole proprietors, LLC members and general partners’ net earnings are subject to self-employment taxes at a 2017 current rate of 15.3% […]
Entrepreneurship: Starting Your Own vs Purchasing a Business
Entrepreneurship has always been a cornerstone of our economy. Some people start a business from the ground up while many others purchase an existing business. Deciding which course of action to take depends upon many factors. Before making a commitment, we suggest you consider the following: The Advantages and Disadvantages of Purchasing Versus Creating a […]
A Message from Paul Pittman: Inspiring Kindness
Kindness means something different for each of us. For some, it’s having a pleasant disposition or a concern for others. Others may view kindness as helping someone in need without expectation of return or an advantage gained. I believe everyone understands in general what kindness looks like. I also believe that all of us have […]
Pittman PC is Hiring a Full-Time Tax Accountant
Description: Pittman PC is an Indianapolis firm providing legal and accounting services to small businesses, entrepreneurs and private individuals. Our team is comprised of experienced professionals with diverse areas of expertise. We are committed to our clients, our team and their families, and our community. We are looking for a genuine person with a proven […]