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.
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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.
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.
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.
"I cant think of any business that DOESNT qualify."
Insta and TikTok celebrities and influencers. All those kids need to pay more taxes. Yay!
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