The New QBI Deduction = Huge Tax Savings
by: Mike Ward, EA
The Qualified Business Income (QBI) Deduction is a game changer for small business! In its basic terms the deduction is 20% of business income. “Wow” is what we should be thinking on this deduction. It will include most individuals who have income from the following:
- K1 income from 1120S SCorps & 1065 Partnerships
- Schedule C Sole Proprietors
- Schedule E Rental Properties
- Schedule E Other Rental Activities
- Statutory Employees
- Schedule F Farm income
There are details to this deduction and each situation is different. See a tax professional this year so you can take advantage of this once in a generation Tax Deduction.
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