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The Qualified Business Income (QBI) Tax Deduction (U.S. Tax)
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Section 199A of the tax code says taxpayers can deduct up to 20% of their qualified business income. This applies to income received from a sole proprietorship, partnership, LLC, or S corporation (but not a C corporation).
Qualified business income (QBI) is your share of the profit from the business, excluding things like capital gains, dividends, wages you earned from the business, etc.
20% of QBI is deductible, so if your business income is $100,000 you would receive a QBI deduction of $20,000. This deduction is available whether or not you itemize deductions.—
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world.
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Qualified business income (QBI) is your share of the profit from the business, excluding things like capital gains, dividends, wages you earned from the business, etc.
20% of QBI is deductible, so if your business income is $100,000 you would receive a QBI deduction of $20,000. This deduction is available whether or not you itemize deductions.—
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world.
—
SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS:
• A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING
• A 44-PAGE GUIDE TO U.S. TAXATION
• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS
• MANY MORE FREE PDF GUIDES AND SPREADSHEETS
—
SUPPORT EDSPIRA ON PATREON
—
GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT
—
LISTEN TO THE SCHEME PODCAST
—
GET TAX TIPS ON TIKTOK
—
ACCESS INDEX OF VIDEOS
—
CONNECT WITH EDSPIRA
—
CONNECT WITH MICHAEL
—
ABOUT EDSPIRA AND ITS CREATOR
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