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Deductions & credits
@Anonymous You can calculate your 199A deduction on your own. Simple 20% of Qualified Business Income. I know what you are trying to do because I thought the same way. Putting less into profit share retirement just shifts the deduction to 199A, right?
You taxes are affected by your net income so you would run your business to minimize. That means tracking expenses, payroll and retirement deductions. Whatever your QBI is it is because you made other decisions to lower it for tax purposes.
BTW...I have a separate spreadsheet where I can do all of the what-ifs to get to my final state.
‎February 23, 2020
7:31 AM