LUTZ BUSINESS INSIGHTS
Analyzing the Tax Cuts and Jobs Act in the Agriculture Industry
Jerad Knott, Lutz Grand Island Tax Shareholder, was recently featured in Nebraska Cattleman, January 2019, Volume 75.
“The Tax Cuts and Jobs Act of 2017 contains numerous provisions that impact the agriculture industry. No provision has created more uncertainty and questions than IRC Section 199A, commonly referred to as the qualified business income (QBI) deduction. But for all the uncertainty created, the opportunities it affords for tax planning are numerous. This article describes the deduction itself and then explores some of the more confusing and uncertain areas of the deduction.
In the simplest of terms, 199A allows for a deduction from taxable income of 20 percent qualified business income for taxpayers other than C Corporations. For married individuals with taxable income under $315,000, or single filers under $157,500, the deduction is 20 percent of taxable income excluding capital gains.”
ABOUT THE AUTHOR
JERAD KNOTT + TAX SHAREHOLDER
Jerad Knott is a Tax Shareholder at Lutz with over ten years of experience in taxation. He provides tax planning, research, compliance and consulting services to privately held companies.
AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Nebraska Society of Certified Public Accountants, Member
- Certified Public Accountant
- BSBA, Hastings College, Hastings, NE
- MBA, University of Nebraska, Omaha, NE
- Ashland City Council, Past Councilman
- Ashland Planning Commission, Member
- ClubRed (American Red Cross), Board Member
- Project Extra Mile, Past Board Member
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