Sedona Arizona

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.

DoIqualifyforaQBIdeduction

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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.

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Author: Dale Shafer II, CFP®, APMA®, CDFA®

The National Association of Personal Financial Advisors
The Society of Advice

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