IRS Updates Sent Out Newsletter(09.12.2019) | Diverse Community Partners

September 2019

IRS Tax Update

Third Quarter Tax Estimate are due September 16, 2019 – Click Here
IRS Tax Calculator for Self Employee (Entrepreneurs) – Click Here
IRS Waive Tax estimate penalty – Click Here
Revocation of Passports – Click Here
Truckers will have to File Highway Tax starting September 3rd – Click Here
Withholding Calculator – Click Here

DCP Magazine – Check Out Our 1st Edition

DCP magazine is our tool used to share information for individuals and business owners.

Over the years, we have met so many individuals in a financial crisis. What has sadden me is to hear there are providers who have misguided people. Yes, there are many qualify professionals.

How can we help? We are going to offer a workshop to share questions you should ask your next Accountant – Tax Providers. I would love for it to be Diverse Community Partners, Inc.

2nd Edition – We are working on our 2nd Edition release. Do you want to be included. – Click Here To See More

Xero – Accounting Software

According to IRS every business should have a formal Accounting system. Let me beat to the chase, Xero is $30 per month. Schedule a time for us to provide you a walkthrough how to use the system

Qualified Business Income (QBI

Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called Section 199A – for tax years beginning after December 31, 2017. The deduction allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. Income earned through a C corporation or by providing services as an employee is not eligible for the deduction..

Take away – Limit your distributions, which can impact your taxable income.