The Twelve Days of Taxmas – Qualified Business Income Deduction
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing important tax insights through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability.
On the sixth day of Taxmas, my accountant gave to me the Qualified Business Income (QBI) deduction.
Generally speaking, the QBI is a 20% deduction against pass-through and certain other types of income on an individual tax return. There are individual income limits that may impact the total value of the deduction. Also, there are different classifications of businesses, specified services that can be limiting, and other trades and businesses with no income limit.
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