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H&R Block: H&R Block, Inc., or H&R Block, is an American tax preparation company operating in Canada, United States, Australia, and India. The company was founded in 1955 by brothers Henry W. Bloch and Richard Bloch.
Start: Apr 23, 2021
Update: 2 days ago
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Update: 10 hours ago
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Pass-through Owners Who Qualify Can Deduct Up To 20% Of Their Net Business Income From Their Income Taxes, Reducing Their Effective Income Tax Rate By 20%. This Deduction Began In 2018 And Is Scheduled To Last Through 2025—that Is, It Will End On January 1, 2026 Unless Extended By Congress. This Deduction Can Really Add Up.
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IRS Sets Rules for the New 20% Tax Deduction for Pass
On August 8, 2018, The Internal Revenue Service Issued Proposed Regulations For Section 199a, The New Provision Of Federal Tax Law Under The Tax Cuts And Jobs Act Of 2017 That Allows For A Tax Deduction Of Up To 20% Of Business Income From A Sole Proprietorship, S Corporation, Or Partnership, And Some Estates And Trusts.. The Regulations State That Until Final Regulations Are Published
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Save For Your Future. Tax Rates Are Lowered. The Corporate Tax Rate Is Cut From 35 Percent To 21 Percent. The Standard Deduction Is Increased, Meaning That A Single Filer’s Deduction Jumps From $6,350 To $12,000. For Married Couples Filing Jointly, It Increases From $12,700 To $24,000. Personal Exemptions Are Out.
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