Hello, I'm new here, happened to stumble upon this forum while searching for some tax info and was pleasantly surprised with the information and people on here.
So this will be my first year filing under TTS election with MTM accounting. I had originally planned on hiring one of the leaders in this field, but am really struggling with justifying their fees for first year clients, so have began to explore filing on behalf of myself. I haven't entirely ruled out hiring outside help yet, but first intend to finish my research beforehand.
I've made the timely section 475 elections last year prior to deadline, and have completed the Form 3115 which is due with this years return. I understand I'll be filing Form 4797 in addition to Form 3115. I will be filing as an individual/sole proprietor this year. No formal entity has been created yet, but it is my understanding that although they offer additional deductions in so far as health care and retirement contributions, not having one does not disqualify me from the 20% QBI.
My main question right now to those who have/do file under TTS is regarding deductions. During my consultation with aforementioned accounting firm, they reaffirmed my belief that the TTS qualifies me for the 20% QBI qualified business income deduction. Yet I see several discussions about folks talking about itemizing their expenses...ie; internet, subscriptions, computers, etc.... Which raises the question, why? Rarely, are a profitable trader's itemized expenses going to exceed the 20% standard deduction. So, looking to hear some experiences some of you may had.
So this will be my first year filing under TTS election with MTM accounting. I had originally planned on hiring one of the leaders in this field, but am really struggling with justifying their fees for first year clients, so have began to explore filing on behalf of myself. I haven't entirely ruled out hiring outside help yet, but first intend to finish my research beforehand.
I've made the timely section 475 elections last year prior to deadline, and have completed the Form 3115 which is due with this years return. I understand I'll be filing Form 4797 in addition to Form 3115. I will be filing as an individual/sole proprietor this year. No formal entity has been created yet, but it is my understanding that although they offer additional deductions in so far as health care and retirement contributions, not having one does not disqualify me from the 20% QBI.
My main question right now to those who have/do file under TTS is regarding deductions. During my consultation with aforementioned accounting firm, they reaffirmed my belief that the TTS qualifies me for the 20% QBI qualified business income deduction. Yet I see several discussions about folks talking about itemizing their expenses...ie; internet, subscriptions, computers, etc.... Which raises the question, why? Rarely, are a profitable trader's itemized expenses going to exceed the 20% standard deduction. So, looking to hear some experiences some of you may had.
