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Business Tax Deduction Has—CPAs TakeSmall Note, Small Business Owners Loan Their Heads Approval Scratching Rates Are High Millions of small business owners will be in uncharted waters this tax season as they try to determine if they qualify for a deduction that could exempt one-fifth of their income from taxes. Five months after the IRS issued guidelines to help business owners and tax advisers understand how the complex deduction works, accountants and tax attorneys still have questions. Even those who have attended seminars and workshops about the new law have come away scratching their heads, especially about a section that bars service providers like doctors, lawyers and consultants from claiming the deduction. Some of these company owners have businesses that don’t easily fit into the IRS guidelines or proposed regulations the agency has also issued.
Small business loan approval rates big banks have spiked. “There’s a lot of conflicting advice outforthere,” says Jeffrey Berdahl, a CPA with RLB Certified Public Accountants in Allentown, Pennsylvania. “It’s According to athe new study, the August approval percentage for banks going to be like Wild West.” — with assets of $10 billion and more — rose two-tenths of a percent fromBASICS July’s figure of 26.3 percent to 26.5 percent. THE
Thededuction data, published lastatmonth examine more than 1,000 The is aimed givingby taxBiz2Credit, breaks to sole proprietors, partners credit applications made by these smallbusinesses businesses. CNC Swiss Micro and owners of S corporations; are known as pass-throughs Machining because company income “passes through” to owners’ 1040 forms, where CEO Rohit Arorathe noted a healthy “the We p r i d e ourselves on our ser vice and qualit yBefore produc ts itBiz2Credit is reported to the IRS. law was enacted,retail manydemand of these and owners Leading the Way in Precision Machining willingness of small business owners to reinvest their savings from tax couldn’t get the more favorable tax treatment enjoyed by traditional part sizes .005” to 1” diam. with 7 axis cuts” as the reason for the uptick in lending. We s t e r n S t a t e s M e t a l s corporations, those known as C corporations.
We s t e r n S t a t e s M e t a l s
We s t e r n S t a t e s M e t a l s
Cast Bronze Bar www.pacifi cswissmfg.com We pr ide ourselves on our ser vice and qua l i t y p ro d u c t s “Retail sales are up, and sectors such as transportation, logistics,
We pr ide ourselves o n o ur s er vi ce a n d qua li t y p ro d u c t s
Copper Alloys
Tubes • Solid • Wear Plate
The new law allows many owners to deduct 20 percent of what’s called C-46400 Naval Brass C-10100 OFHC warehousing, andincome. construction areget performing extremely well,” qualified business They can the full deduction as long as Arora their C-51000 Phoshpor Bronze C-11000 (C110 CU-ETP) We pr ide ourselves our ser vice and qualit ye produc ts C-62400 Aluminum Bronze We s C-17200 t eonBeryllium rCast n S t a t e s M e t a l s Bronze Bar C-14500 Tellurium Copper added. “Right now, business owners are confident in the future of their We s t e r n S t a t s M e t a l s Cast Bronze Bar taxable income doesn’t exceed $157,500 for an individual and $315,000 C-63000 Copper Weon p• rSolid iour d e o•user r s e lvice vePlate s o nand o u r qualit s e rNickle v i ce yaAluminum nproduc d q u a l Bronze i t yts p ro d u c t s Tubes Wear We pr ide ourselves C-18000 Copper Chromium Nickle Silicon C-63020 Nickle Aluminum Bronze opper Alloys firms. August is typically a slow month for loan volume, but that wasn’t Copper Alloys pr ide vice y produc ts for a married couple filing jointly. But taxable income includes owners’ C-64200 Silicon Aluminum Bronze WeWe pride service and products C-18200 Chromium Copper Weourselves sourselves t e r nonSour tona tour e sserM e t quality aand l s qualit C-46400 Naval Brass C-65500 Silicon Bronze thespouses’ case thisearnings year.” from outside the business — for example, being We pr ide ourselves on o uCr-36000 s e r v iFree ce aMachining n d q u a l iBrass t y p ro d u c t s and C-67500 Manganese Bronze C-51000 Phoshpor Bronze Cast Bronze Bar U-ETP) We s t e rCast n S t aBronze t e s MCast eBar t aBronze l s Bar Copper Alloys C-62400 Aluminum Bronze Cast Bronze Bar m Copper Copper Alloys We p r i d e o u r s e l veTubes s o n • oSolid u r s e• rWear v i cePlate a n d q u a l i t y p ro d u c ts employed in a different field or industry — and earnings from investments. C-18000 Copper Chromium C-10100 OFHC C-86300 Mangunese Bronze Copper Alloys C-63000 Nickle Aluminum Bronze m Copper Tubes • Solid • Wear Plate Copper Alloys C-89835 Lead Freerose Bronze at regional and community banks as C-63020 Nickle Aluminum Bronze Business loan approval rates Nickel Silicon C-63020 Nickel Aluminum Bronze Cast Bronze Bar Chromium Nickle Silicon C-46400 Naval Brass Cast Bronze Bar 0100 OFHC C-93200 (SAE660) Bronze C-64200 Silicon Aluminum Bronze um Copper C-46400 Naval Brass Bronze C-51000 Phoshpor BronzeC-65500 Silicon Copper Alloys 1000 (C110 CU-ETP) Tubes • Solid • Wear Bronze Plate C-95400 Aluminum Bronzepercent of the funding requests they Cast Bar well. Small banks granted C-65500 C-62400 Silicon Bronze achining BrassCopper Aluminum Bronze 4500 Tellurium opper Alloys If taxable income is above the49.8 $157,500 or $315,000 threshold, owners C-11000 (C110 CU - ETP) C-51000 Phoshpor Bronze C-95510 Nickle Alumninum Bronze C-67500 Manganese Bronze Copper Alloys C-63000 Nickle Aluminum Bronze 7200 Beryllium Copper SAE841 Oilite from July. It represents the highest C-14500 Tellurium Copper Aluminum Bronze received in August, up one-tenth C-63020 Nickle Aluminum C-62400 Bronze Brass 8000 Copper Chromium NickleC-46400 Silicon Naval may get a partial deduction. There are two critical factors that can limit Bronze C-64200 Silicon Aluminum Bronze C-86300 Mangunese Beryllium Copper C-63000 Nickle Aluminum Bronze C-86300 Mangunese Bronze 8200 Copper C-51000 Phoshpor Bronze -ETP)ChromiumC-17200 C-65500 Silicon Bronze figure for small banks since November 2014. Free Machining Brass Chromium C-89835 Lead FreeBronze Bronze C-62400 Aluminum Bronze C-18200 Copper C-36000 Free Machining Brass m6000 Copper the size of the break. The first involves the company’s W-2 wages, or how C-67500 Manganese Bronze C-93200 Bronze Bushings C-63000 Nickle Aluminum Bronze C-89835 Lead(SAE660) Free Bronze m Copper SAME DAY SHIPPING C-64200 Silicon Aluminum Bronze C-95400 Aluminum Bronze Chromium Nickle Silicon C-63020 Nickle Aluminum Bronze much it pays employees, and the value of some of its property; complex C-93200 (SAE660) Bronze Bronze C-86300 Mangunese Bronze Your One Stop Service Center funds and insurance Bronze C-95510 Nickle Alumninum Bronze C-64200 Silicon Aluminum Bronze m Copper C-89835 Lead Free Bronze Institutional lenders — pension companies C-95510 Nickel Aluminum Bushings SAE841 Oilite C -65500 Silicon Bronze SAME DAY SHIPPING chining Brass calculations go into assessing the impact of wages and property on the— C-93200 (SAE660) Bronze Bronze Bronze Bushings C-67500 Manganese Bronze C-93200 Cast Bronze Your OneAluminum Stop Service Bronze C-95400 Bronze Center SAME DAY SHIPPING remained Bronze SAE841 Oilite SAE841 Powder Metal Bearings C-95510 Nickle Alumninum Bronze Chromeunchanged Plated Barsat an Index record 64.9 percent, up one-tenth of Your One StopPlated Service Center deduction. Brushings Custom Machined Bushings SAE841 Oilite C-86300 Mangunese Bronze 75K-100K - Induction Hardenedfigure. Chrome Bars SAME DAY SHIPPING Bushings Bronze a percent from July’s SAME DAY SHIPPING Bushings Bronze SAME SHIPPING Special Oil Grooves (in-house) DAY C-89835 BronzeBushings Lead Free Bronze Standard & Metric Sizes Your One Stop Service Center DAY SHIPPING SAME C-93200Center (SAE660) Bronze Your SAME One Stop Service Cut toaffects Length Bushings Your DAY SHIPPING One Stop Service Center The second factor owners who are in what’s called a specified Chrome Plated BarsCenter C-95400 Aluminum Bronze C-93200 Cast BronzeBushings Your One Stop Service One Stop Service Center DAY SHIPPING Chrome Plated SAME BarsYour Pre-Honed Cylinder Tubing Bronze C-95510 Nickle Alumninum Loan approval rates among alternative to 56.6 percent, SAE841 Powder Metal Bearings service tradeTubing or business — for example,lenders health rose providers, attorneys, Chrome Plated Cast Iron Pre-Honed Cylinder Your One StopBars Service Center Cast Bronze SAE841 Oilite Custom Machined Bushings Chrome Plated Bars 75k-100k - Induction Hardened Standard and Metric Sizes CutaTopercent Length Powder Metal Bearings Cast Iron Chrome Plated Bars Chrome Plated Bars one-tenth of higher than in the previous month. Bronze Special Oil Grooves (in-house) accountants or consultants.They have no deduction if their taxable income Stainless Steel Standard & Metric Sizes Machined C-93200Bushings Cast Bronze NEW 75K-100K - Induction Hardened Pre-Honed Cylinder Tubing Gray Iron Class 40 Centrifugally Cast Tubes Pre-Honed Cylinder Tubing Cut to Length Oil Grooves (in-house) SAE841 Powder Metal Bearings ChromeStandard Plated Bars Cast Iron & Metric Sizes Ductile Iron is more than $207,500 for an individual or $415,000 for a married couple. Bushings Cast Iron Custom Machined Bushings Cast Iron SAME SHIPPING 75K-100K - DAY Induction Stainless Steel CutHardened to Length Pre-Honed Cylinder Tubing 65-45-12 • 80-55-06 Special Oil Grooves (in-house) Cast Iron Alternative have become a source of quick capital. When small NEW Standard &Aluminum Metric Sizes 6061-T6511 Gray Iron Class 40 Stainless Steel Pre-Honed Cylinder Tubing Solids • Tubes • Plates Your One Stop Service Center Centrifugally Castlenders Pre-Honed Cylinder Tubing ADDITIONAL Tubes NEW Cut to Length Ductile Centrifugally CastStainless Tubes Standard & Metric Sizes Cut to Length CastIronIron The IRS spells the conditionslenders for taking the approve deductionriskier on its loans website. business owners, alternative could via 300out - 400 Series Pre-Honed Cylinder Tubing MATERIALS Stainless SteelSteel 65-45-12• 80-55-06 NEW NEWStandard and Metric Sizes Cut To Length Cast Bronze Centrifugally Cast Tubes Centrifugally Cast Tubes Iron Available Upon Request Pre-Honed Cylinder Tubing Solids • Tubes • Plates Visit https://bit.ly/2RbxOtc . innovations in fintech, which give them more flexibility than the banks owder Metal Bearings Aluminum 6061-T6511 Stainless Steel Chrome Plated Bars Depac Metal Free Anti Seize Steel ADDITIONAL Standard and Metric Sizes Cut To Length Cast Iron 40 NEW ADDITIONAL Aluminum 6061-T6511 Machined Bushings 75K-100K - Induction Hardened Centrifugally Cast Tubes Centrifugally Cast Tubes to adjust Round ratesBar -and covenants on the deals. This includes an ability to ay Iron Class(in-house) 40 MATERIALS il Grooves Aluminum 6061-T6511 Up To 12” Standard & Metric Sizes ADDITIONAL ADDITIONAL Stainless Steel ctile -06 Iron 300-400 Series Rectangles, Squares and Plates Aluminum 6061-T6511 Available Upon Request MORE THAN ONE ACTIVITY ORofBUSINESS? Cut to Length ADDITIONAL NEW Stainless Steel MATERIALS 45-12 • 80-55-06 MATERIALS accept non-conventional sources collateral, such as real estate and Plates Depac Metal Free Anti Seize NEW Centrifugally Cast Tubes MATERIALS ids • Tubes • Plates Aluminum 6061-T6511 Aluminum 6061-T6511 Available Upon Request Centrifugally Cast Tubes ADDITIONAL Pre-HonedAvailable 300 400 Series MATERIALS Upon Request outstanding invoices (h/t involve Forbes).a variety of activities may find that Depac MetalTubing Free Anti Seize Cylinder Round Bar - Up to 12” 300 - 400 Series Available Upon Request Owners whose businesses Standard and Metric Sizes Cut Rectangles, To Length MATERIALS Available Upon Request ron Squares and Plates Depac Metal Free Anti Seize Can be used at high pressures and temperatures W 1700 SFree SLC, UT 84104 Depac7986061-T6511 Metal Anti Seize income fromfrom some qualify for the deduction while others don’t, says Available Upon Request Aluminum 0 -60°F up to 2500°F Aluminum 6061-T6511 ADDITIONAL ADDITIONAL Toll-Free: (800) 378-0562 798UT W 1700 S SLC, UT 84104 798 W 1700 S, SLC, 84104 Free Anti Seize DepacDepac Metal Free Round Bar UpAnti To 12”Seize RoundMetal Bar -- Up To 12” Credit unions approved of loan applicationswho in August, Angela Dotson, a CPA with40.2 Apriopercent in Atlanta. An optometrist treats Stainless Steel 06 Toll-Free: (800) 378-0562 798 W 1700 S SLC, UT 84104 Local: (801) 978-0562 Rectangles, Squares and Plates Rectangles, Squares and Plates Can be used at high pressure and Toll-Free: (800) 378-0562 NEW MATERIALS MATERIALS ates Toll-Free: (800) 378-0562 Local: (801) 978-0562 temps from -60o F up to 2500 oF a slight drop of one-tenth of a percent from July and a large drop Fax: (801) 978-0623 Centrifugally Cast Tubes patients may not be able to claim the deduction for that work. But the Local: (801) 978-0562 Local: (801) 978-0562 Fax: (801) 978-0623 Available Upon Request 300 - 400 Series www.westernstatesmetals.com vailable Upon Request Fax: (801) 978-0623 from their all-time high of 57.9 percent in March 2012. By Anthony same optometrist who also sells eyeglasses and contact lenses may be able Fax: (801) 978-0623 www.westernstatesmetals.com Depac Metal Free Anti Seize Metal Free Anti Seize www.westernstatesmetals.com Depac Can be used at high pressures and temperatures 798 W 1700 S SLC, UT 84104 Can be used at high pressures and temperatures – Reporter, New York Business Journal toNoto use the deduction for that income. 798 W 1700 S SLC, UTwww.westernstatesmetals.com 84104 from -60°F up to 2500°F Aluminum 6061-T6511
We s t e r n S t a t e s M e t a l s
We s t e r n S t a t e s M e t a l s Tubes • Solid • Wear Plate
C-46400 Naval Brass C-51000 Phoshpor Bronze C-62400 Aluminum Bronze Tubes • Solid • Wear Plate C-63000 Nickle Aluminum Bronze Tubes • Solid • Wear Plate C-63020 Nickle Aluminum Bronze C-46400 Naval Brass C-10100 OFHC C-51000 Phoshpor Bronze C-11000 (C110 CU-ETP) C-64200 Silicon Aluminum BronzeC-62400 Aluminum Bronze C-14500 Tellurium Copper Tubes • Solid • Wear Plate Nickle Aluminum Bronze C-46400 Brass C-65500 Silicon Bronze C-63000 C-17200Naval Beryllium Copper C-51000 Bronze C-18000Phoshpor Copper Chromium Nickle Silicon C-63020 Nickle Aluminum Bronze C-67500 Manganese Bronze
C-10100 OFHC C-11000 (C110 CU-ETP) C-14500 Tellurium Copper C-17200 Beryllium Copper C-18000 Copper Chromium Nickle Silicon C-18200 Chromium Copper C-10100 OFHC C-36000 Free Machining Brass C-11000 (C110 CU-ETP)
C-64200 Silicon Aluminum Bronze C-18200Aluminum Chromium Copper C-46400 Naval Brass C-10100 OFHC C-14500 Tellurium Copper C-62400 Bronze Tubes • Solid • Wear Plate C-65500 Silicon Bronze C-51000 Phoshpor Bronze C-36000 Free Machining Brass C-11000 (C110 CU-ETP) C-63000 Nickle Aluminum Bronze C-67500 Manganese Bronze C-17200 Beryllium Copper C-62400 Aluminum Bronze C-14500 Tellurium Copper C-63020 Nickle Aluminum Bronze C-46400 Naval Brass C-18000 Nickle C-63000 NickleSilicon Aluminum Bronze C-10100 OFHC C-17200 Beryllium CopperCopper Chromium C-51000 Phoshpor Bronze C-63020 Nickle AluminumC-64200 Bronze Silicon Aluminum Bronze C-11000 (C110 CU-ETP) C-18000 Copper Chromium Nickle Silicon C-18200 Chromium Copper C-62400 Aluminum Bronze C-64200 Silicon AluminumCBronze C-14500 Tellurium Copper C-18200 Chromium Copper -65500 Silicon Bronze C-36000 Free Machining Brass C-63000 Nickle Aluminum Bronze C-65500 Silicon Bronze C-17200 Beryllium Copper C-36000 Free Machining Brass C-67500 Manganese Bronze C-67500 Manganese C-18000 Copper ChromiumBronze Nickle Silicon C-63020 Nickle Aluminum Bronze C-64200 Silicon Aluminum Bronze C-18200 Chromium Copper C-65500 Silicon Bronze C-86300 Mangunese Bronze C-36000 Free Machining Brass C-67500 Manganese Bronze C-89835 Lead Free Bronze C-93200 (SAE660) Bronze C-95400 Aluminum Bronze C-95510 Nickle Alumninum Bronze SAE841 Oilite C-93200 Cast Bronze SAE841 Powder Metal Bearings Custom Machined Bushings Special Oil Grooves (in-house)
C-93200 Cast Bronze SAE841 Powder Metal Bearings
C-93200 Cast Bronze Custom Machined Bushings SAE841 Powder Metal Bearings Custom Machined Bushings Special Oil Grooves (in-house) C-93200 Cast Bronze Special Oil Grooves (in-house) C-93200 Cast Bronze SAE841 Powder Metal Bearings Gray Iron Class 40 SAE841 Powder Metal Bearings Custom Machined BushingsDuctile Iron Custom Machined Bushings 65-45-12 • 80-55-06 Special Oil Grooves (in-house) Solids • Tubes • Plates Special Oil Grooves (in-house)
C-89835 Lead Free Bronze C-93200 (SAE660) Bronze
C-86300 Mangunese Bronze C-95400 Aluminum Bronze C-89835 Lead Free Bronze C-93200 (SAE660) Bronze C-95510 Nickle Alumninum Bronze C-95400 Aluminum Bronze SAE841 Oilite C-95510 Nickle Alumninum Bronze SAE841 Oilite 75K-100K - Induction Hardened Standard & Metric Sizes Cut to Length
75K-100K - Induction Hardened Standard & Sizes Metric Sizes Standard and Metric Cut To Length Cut to Length
75K-100K - Induction Hardened Standard & Metric Sizes Cut to Length
Standard and Metric Sizes Cut To Length
Gray Iron Class 40 Ductile Iron Iron Class 40 65-45-12Gray • 80-55-06 Solids • Tubes • Plates Ductile Iron
C-86300 Mangunese Bronze C-89835 Lead Free Bronze C-86300 Mangunese Bronze C-89835 Lead FreeBronze Bronze C-93200 (SAE660) (SAE660) Bronze C-95400 C-93200 Aluminum Bronze C-95400 Aluminum Bronze C-95510 Nickle C-95510 Alumninum Nickle AlumninumBronze Bronze SAE841Oilite Oilite SAE841 C-86300 Mangunese Bronze
75K-100K - Induction Hardened 75K-100K - Induction Hardened Standard & Metric Sizes Cut to Length Standard & Metric Sizes
Cut to Length 300 - 400 Series
Standard and Metric Sizes Cut To Length
Standard and Metric Sizes Cut To Length
Gray Iron Class 40
Round Bar - Up To 12”
Standard and Metric Sizes Cut To Length Rectangles, Squares and Plates
65-45-12 • 80-55-06 Ductile Iron 65-45-12 • 80-55-06 Gray Iron Class 40 Solids • Tubes • Plates Solids • Tubes • Plates
300 - 400 Series
Ductile Iron 65-45-12 • 80-55-06 Solids • Tubes • Plates
300 - 400 Series
300 - 400 Series
Round Bar - Up To 12” 798 W 1700 S SLC, UT 84104
Can be used at high pressures and temperatures from -60°F up to 2500°F
Rectangles, Squares and Plates
Toll-Free: (800) 378-0562
300 - 400 Series
Local: (801) 978-0562
Round Bar - Up To 12” Rectangles, Squares and Plates
Fax: (801) 978-0623
www.westernstatesmetals.com Can be used at high pressures and temperatures from -60°F up to 2500°F
798 W 1700 S SLC, UT 84104 Toll-Free: (800) 378-0562 Local: (801) 978-0562 Fax: (801) 978-0623
798 W 1700 S SLC, UT 84104 Toll-Free: (800) 378-0562
Round Bar - Up To 12” Rectangles, Squares and Plates Round Bar - Up To 12”
Can be used atRectangles, high pressures and temperatures Squares and Plates from -60°F up to 2500°F
www.westernstatesmetals.com Local: (801) 978-0562
Can be used at high pressures and temperatures from -60°F up to 2500°F
Fax: (801) 978-0623
www.westernstatesmetals.com
Can be used at high pressures and temperatures from -60°F up to 2500°F
DDITIONAL Toll-Free: (800) 378-0562 MANUFACTURING SWMountain • 52 • March Apr /2019 AA ZZManufacturing Rocky • 38 • /Sept Oct 2018 Local: (801) 978-0562 MATERIALS Toll-Free: (800) 378-0562
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Local: (801) 978-0562 Fax: (801) 978-0623
Fax: (801) 978-0623
vailable Uponwww.westernstatesmetals.com Request
from -60°F up to 2500°F Round Bar - Up To 12” Rectangles, Squares and Plates