- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am trying to understand this. If I have it right in my mind, a trade or business that does NOT qualify is some what like myself, tax prepare or financial advisor or some one with advice etc.. But a qualified trade or business would be like a store, a logger, a carpenter, a plumber etc... I've read so many articles.. that it just confuses me. Please HELP make this grey area black and white for me.
I thank you in advance for any help you can share to make this understandable.
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Tax preparation / accounting do not qualify? Here are a few good articles on the topic even if a couple are somewhat dated:
Qualified Business Income Deduction (QBI): What It Is - NerdWallet
AICPA recommends QBI improvements (journalofaccountancy.com)
TCJA-Qualified-Business-Income-Deduction-Special-Report.pdf (thomsonreuters.com)
It's obviously a nice benefit for those who qualify. Hopefully the current administration does not eliminate it.
Just-Lisa-Now-
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
As was noted by Lisa, all businesses potentially qualify for it, but a "Specified Service Trade or Business" (SSTB) (including tax preparers) have further restrictions.
You can start a Q5 on the link below, and keep reading.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"I cant think of any business that DOESNT qualify."
Insta and TikTok celebrities and influencers. All those kids need to pay more taxes. Yay!
Don't yell at us; we're volunteers
