Question : Question on Tax Cuts Jobs Act -<br/>I want to ask whether my company would be qualified for the new TCJA 20% deduction. I just formed a company which offers tech-related consulting services to other companies. I would usually work at a client’s site, or from home, occasionally I might need hire contractors to help big projects. I read that TCJA doesn’t apply to some professional fields. Will my situation, and nature of my work would prevent me from being qualified for 20% deduction?Also, I read there is a threshold amount, if the taxable income below the threshold amount, the specified service trades or businesses don’t apply. I hope to confirm with a professional person that whether my company falls in the category of specific service trades and businesses which are limited for getting TCJA deduction.Thanks a lot for your help. Jin
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Answer : That sounds like IT project assistance. Consulting would be if you provided suggestions on how to improve their technology, what software to use, what software or computer or router would fit their current needs and such. It sounds like you will not be classified as a specified service business.
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