Today’s idea of the day:
IRS tax code 199. Are you eligible?
The section 199 tax deduction is also called the domestic manufacturing deduction, U.S. production activities deduction and domestic production deduction. It allows a deduction equal to 9% of the lesser of
- the “qualified production activities income” (QPAI) of the business;
- the operation’s taxable income for the year.
Any convenience store operation with QPAI can take a tax deduction of 9% from net income if it qualifies.
Do you have an idea of the day? Email it to Senior Editor Erin Rigik Del Conte at [email protected].
