Tax Reform - Qualified Business Income Deduction

Specified Service Businesses are excluded. This is a partial list of those types of businesses:
Medical practices
Law firms
CPA firms
Athletes, actors and performers
Financial and brokerage services
Investment management and day-trading

The Taxable Income Exception
Income from a specified service business can be treated as QBI only if the owner's taxable income is at or below an annually adjusted threshold.

Reducing Taxable Income to Stay under the Threshold Amount
Business owners with taxable income near or slightly over the threshold amounts should consider traditional planning techniques to decrease their taxable income.

ABOUT Mueller Pye & Associates CPA

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