Do you Meet the Requirements for the Qualified Business Income Deduction?
In 2017, the passage of the Tax Cuts and Jobs Act introduced a slew of new benefits and opportunities for taxpayers. Section 199A provides many with a deduction for qualified business income (or “QBI”) from a qualified trade or business operated directly or through a pass-through entity. The QBI deduction allows certain business owners the opportunity to deduct 20% of their business income, which could effectively decrease their overall tax rate.
The goal of the deduction is to provide tax relief to businesses who pay tax on the individual level. It is important to keep in mind the deduction is not open to everyone. Each business must meet a strict set of requirements to qualify, but understanding those guidelines and the nuances involved can be complex.
During our complimentary webinar, participants will gain an understanding of:
- The Basics of the QBI Deduction
- Service vs. Non-Service Businesses
- Tax Entity Structure Differences
- Qualifications and Necessary Income Type
- General Tax Planning Techniques
So listen as we dive into the background of QBI and determine if your organization may be eligible to take advantage of the benefits!