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IRS Issues Rules For New Section 199A Deduction–What's Out, What's In, To Cut Your Taxes

The new tax law creates big opportunities for doctors to increase their tax savings. However, some of the tax breaks are limited/eliminated for higher income doctors, including the new 20% deduction for pass-through practice and business profits. Recently issued IRS proposed regulations detail what strategies will, and won’t, work to maximize your tax savings, as explained below. 

Congress added highly complex Section 199A providing...

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