The New QBI Deduction = Huge Tax Savings

Posted by on Nov 2, 2018 in 2012 Tax News, Tax News | Comments Off on The New QBI Deduction = Huge Tax Savings

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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