Our newest whitepaper is here: Everything You Need To Know About The QBI Deduction. This guide covers all aspects of the qualified business income (QBI) deduction, a significant tax break for pass-through entity owners created by the Tax Cuts and Jobs Act of 2017.
The QBI deduction can be a 20% deduction on your company’s qualified income if you meet certain criteria. Not all businesses are eligible. And, your deduction could be limited based on your taxable income and filing status.
As a business owner, you might be able to claim this deduction. If you are, you’ll need to know the basics of this deduction. How can you use it to optimize your tax strategy? How might it help you reduce your tax bill?
- What’s qualified business income
- Who’s eligible to claim the QBI deduction
- How to calculate your deduction amount, including any limitations
- If your businesses are eligible for aggregation
- How QBI losses impact your current and future deduction amounts
…And more! Plus, our guide provides you with a simple flowchart of the deduction and calculation examples to help you get started.
Originally published 5/21/2020. Updated 6/8/2021.