Tax Made Easy - What is QBI Deduction and Can I Take It?
Автор: Tax Made Easy
Загружено: 2023-02-01
Просмотров: 80
Описание:
FIRST OF ALL, WHAT IS QBI
AND WHY IS IT IMPORTANT?
IF YOU'RE SELF-EMPLOYED, A SOLE PROPRIETOR, OR AN OWNER IN AN LLC, PARTNERSHIP, OR S-CORPORATION... ...YOU CAN EXCLUDE UP TO 20% YOUR QBI FROM FEDERAL INCOME TAX.
THAT'S WHY QBI IS IMPORTANT, BECAUSE IT CAN REDUCE YOUR TAXABLE
BUSINESS INCOME.
HOW QBI IS CALCULATED:
INCOME: $100,000
QBI: $40,000 OF TOTAL INCOME
QBI DEDUCTION:
20% X $40,000 = $8,000
QBI DEDUCTION CAN'T BE MORE THAN 20% OF TOTAL TAXABLE INCOME.
NOT ALL BUSINESS INCOME QUALIFIES FOR QBI DEDUCTION.
QBI excludes capital gains/losses, dividends, interest income, w-2 income, among others.
QBI DEDUCTION DEPENDS ON TAXPAYER’S TOTAL TAXABLE INCOME, WHICH INCLUDES WAGES, INTEREST, CAPITAL GAINS, ETC.
IN ADDITION TO QBI.
QBI DEDUCTION MAY BE LIMITED AS INCOME INCREASES.
AT HIGHER INCOME LEVELS, WHETHER OR NOT THE BUSINESS IS AN SSTB WILL ALSO PLAY A ROLE.
SSTB IS A TRADE OR BUSINESS WHERE THE MAIN ASSET IS THE SKILL OR REPUTATION OF ONE OR MORE OF ITS EMPLOYEES OR OWNERS.
FOR MANY TAXPAYERS IN SSTB WITH INCOME AT OR BELOW
THE THRESHOLD, YOU CAN STILL TAKE THE QBI DEDUCTION.
For more information, visit: https://www.irs.gov/newsroom/tax-cuts...
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