Bloomberg News quoted Mid-Atlantic Regional Partner-in-Charge of Tax & Business Services Edward Reitmeyer in an article about how to lower your tax bill before the end of 2018.
By Laura Davison
Owners of partnerships, limited liability companies and other pass-throughs received a large gift in the tax law — a 20 percent deduction on their taxable income. But that write-off is subject to limitations starting at incomes of $315,000 for married couples. To get around that, pass-through owners can strategically “bunch,” or ramp up their expenses this year, which will help to lower their income and allow for the full deduction, according to Ed Reitmeyer, regional partner-in-charge of the tax and business services at accounting firm Marcum.