Will you get a QBI Deduction?

Are you eligible for a Qualified Business Income (QBI) deduction?

If you expect to earn business income of less than $170,050 single or $340,100 married filing jointly, you may qualify. Your type of business and source of income received are important factors.

What is the QBI deduction?

The qualified business income deduction (QBI) allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

If you qualify for the QBI deduction, you can take it whether you itemize or take the standard deduction. There are limitations, and the below chart may help answer the basic questions. Talk with your CPA and financial planner to help figure out the best tax strategy.

Click here for a downloadable/printable version.

Have questions? Life Moves Wealth can help.

Want to know more about working with Life Moves Wealth for your financial advice needs? You might be a great fit – click here to learn more!

Disclosures

Life Moves Wealth Management is a registered investment advisor offering advisory services in the States of Arizona and Indiana, and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. Information contained on this site should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized.

The information on this site is not intended as tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. This information should not be relied upon as the sole factor in an investment making decision. Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any recommendations made will be profitable or equal any performance noted on this site.  

HYPERLINK DISCLOSURE – The information being provided is strictly as a courtesy/convenience. When you link to any of the web sites provided here, you are leaving this website and assume total responsibility and risk for use of the web sites you are visiting. We make no representation as to the completeness or accuracy of information provided at these websites. Life Moves Wealth Management is not liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technology, web sites, information and programs made available through this website. Life Moves Wealth Management does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Life Moves Wealth Management’s web site or incorporated herein, and takes no responsibility thereof.