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Tax Cuts and Jobs Act Qualified Business Income Deduction

September 2, 2019 by John Sanchez

Tax Cuts and Jobs Act Qualified Business Income Deduction

The Tax Cuts and Jobs Act is the biggest federal tax law change in over 30 years. Below is a significant change affecting qualified business income from a partnership, S corporation, LLC, or sole proprietorship. Note: Except where noted, the change is effective for tax years 2018–2025. Qualified Business Income (QBI) Deduction An individual taxpayer generally may deduct 20% of qualified business income from a partnership, S corporation, LLC, or sole proprietorship. In the case of a partnership … [Read more...] about Tax Cuts and Jobs Act Qualified Business Income Deduction

Filed Under: Business Tagged With: QBI, Qualified Business Income

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