Milan D. Slak, a Member of Norris McLaughlin & Marcus, P.A., was pleased to present a tax webinar for members of The National Association of Independent Life Brokerage Agencies at 10 a.m. Friday, April 6. Slak discussed the “New Section 199A Deduction for Domestic Qualified Business Income.” This webinar was aimed to help demystify the complexity of the new tax deduction and give participants a clear understanding of how to move forward.
“Beginning in 2018, most individuals, estates and trusts too, may deduct up to 20% of certain domestic qualified business income from limited liability companies, partnerships, S corporations, and sole proprietorships. The deduction may be limited by the business’s Form W-2 wages, depreciable property, and the taxpayer’s taxable income. Also, the deduction may also not apply to income from certain service trades or businesses, in some cases,” Slak noted. But he did indicate that there are several ways to plan to maximize the new tax deduction.
Slak focuses his practice on all areas of taxation, business law, and estate planning. He assists in the formation and organization of business entities, including S corporations, C corporations, limited liability companies, and partnerships. He works with clients to properly structure the governing documents for these entities and to minimize income, net investment income, and self-employment taxes. Slak earned his B.B.A., from University of Toledo, and his J.D. and LL.M of Taxation from Villanova University School of Law.