10/23/2018 by financialwealthsolutions 25 Comments
Deduct 20% of QBI
New Tax Deductions for Qualified Business Income
This deduction could be reduced or not available at all if taxable income is over the threshold. For example, if a business owner is married and files jointly and taxable income is:
> Less than $315,000: Full deduction
> $315,000 to $415,000: Partial deduction
> Above $415,000: No deduction
QBI deductions are complex and results will vary based on the individual business’s circumstances. More information to come as proposed guidance regarding 199A becomes finalized.
Consider establishing a new plan or enhancing your current plan to take advantage of this opportunity. Call us today.