Tax season is everyone’s least favorite time of the year. Many business owners and individuals feel anxiety of the filing tax return on time. Do not worry! You can easily file your tax return through IRS online account.

According to IRS, taxpayers can access their personal and business tax information through an individual online account.

With an Online Account, taxpayers can view and check:
• The amount they owe, updated for the current calendar day
• Their balance details by year
• Their payment history and any scheduled or pending payments
• Key information from their most recent tax return
• Details about their payment plan, if they have one
• Digital copies of select notices or letters from the IRS (under the Message Center tab)
• Economic Impact Payments (EIPs)

Using this resources will help taxpayers accurately calculate any Credit they may be eligible for on their 2020 tax return too.
Additionally, taxpayers can:
• Make an online payment
• See payment plan options and request a plan via Online Payment Agreement
• Access their tax records via Get Transcript

If you do not have an account, create online account and let’s finish up your 2020 tax return.

The primary goal for the 2017 Tax Cuts and Job Act (TCJA) reform bill was to lower the Federal Income tax rate for C corporations. It reduced the corporate income tax rate to 21 percent, and Congress included a new bill called the Qualified Business Deduction (QBI) -IRC Section 199 , which applies to non-corporate taxpayers.

At the most basic level, Section 199A permits an individual to deduct 20 percent of his/her qualified business income generated through a sole proprietorship, a partnership, or S corporation. The deduction for qualified business income is the lesser of:

1. 20 % of QBI
2. 20 % of modified taxable income

In order to understand how to apply this deduction to your personal taxes, we have defined some important terms below.

Definition of Qualified Business Income (QBI)
QBI is defined as the ordinary income less ordinary deductions a taxpayer earns from “qualified trade or business” conducted. *Each partnership or S corporation can include the distributive share of interest held by the taxpayer.

QBI does not include some income from investment:
– Capital gains or losses
– Dividends
– Interest income
– Certain other investment items

Definition of Qualified Trade or Business (QTB)
In general, QTB includes any trade or business other than providing services as an employee. Sole proprietors, non-corporate owners of S corporations, Partnerships, and LLCs, and independent contractors are covered by this deduction.

If you’d like to learn more about this deduction, visit the IRS website: Qualified Business Income Deduction