Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S corporations.
Tax Cuts and Jobs Act Section 199A Deduction Updates One of the most scrutinized and technically challenging elements of the new Tax Cuts and Jobs Act of 2017 (TCJA) is the Section 199A deduction, effective from January 1, 2018 through December 31, 2025. Created as a means for businesses other
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal