2021- 07/06 – 10 facts about the pass-through deduction for qualified business income
Wolff and Taylor July 20, 2021 No Comments Share
Individual Income Tax20 Jul
Are you eligible to take the deduction for qualified business income (QBI)? This valuable tax break is also referred to as the pass-through or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies, partnerships and S corps. The deduction is intended to reduce the tax rate on QBI to a rate closer to the corporate tax rate. It’s available regardless of whether you itemize or take the standard deduction. The deduction is complex but is generally equal to 20% of qualified business income. There are two other limitations based on W-2 wages and on some “specified service trades or businesses.” Contact us with questions.
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2023 – 02/07 – Answers to your questions about 2023 limits on individual taxes