{"id":13857,"date":"2019-01-18T14:00:02","date_gmt":"2019-01-18T20:00:02","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=13857"},"modified":"2019-05-06T17:43:36","modified_gmt":"2019-05-06T22:43:36","slug":"choice-of-entity-calculator-for-qualified-business-income-deduction","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/choice-of-entity-calculator-for-qualified-business-income-deduction\/","title":{"rendered":"New and Improved: Intuit&#8217;s QBI Entity Selection Calculator"},"content":{"rendered":"<p>A centerpiece provision of the <a href=\"https:\/\/proconnect.intuit.com\/tax-reform\/\"title=\"\"  target=\"_blank\" rel=\"false noopener noreferrer\" data-wa-link=\"body_taxreform\">Tax Cuts and Jobs Act<\/a> is the new <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/irs-issues-proposed-regulations-on-new-20-percent-deduction-for-pass-through-businesses\/\"title=\"\"  target=\"_blank\" rel=\"false noopener noreferrer\" data-wa-link=\"body_tpc-qbiproposedregs\">Sec. 199A<\/a> measure that affords owners of sole proprietorships, partnerships, S corporations and trusts a 20 percent deduction on their qualified business income (QBI) beginning in tax year 2018. In general, the deduction is available to qualifying business owners with taxable income below $315,000 for joint filers and below $157,500 for other filers, with potentially limited benefit above those levels. Small businesses qualifying for the 20 percent tax deduction could see their effective marginal tax rate reduced to 29.6 percent.<\/p>\n<p>Another significant change under the Tax Cuts and Jobs Act is the reduction of tax rates for C corporations to a flat 21 percent. Also, remember that C corporations are taxed twice \u2013 once on the corporate income and then on the returns to investors. These new tax law changes present tax professionals and small business owners with some in-depth tax planning opportunities to determine the best entity type, optimize qualified business income, and potentially realize substantial tax savings.<\/p>\n<p>Intuit\u00ae ProConnect\u2122 has developed the <a href=\"https:\/\/proconnect.intuit.com\/tax-reform\/entity-selection-calculator\/\"title=\"\"  target=\"_blank\" rel=\"false noopener noreferrer\" data-wa-link=\"body_entitytool_orig\">QBI Entity Selection Calculator<\/a> to\u00a0provide in-depth computations of the qualified business income deduction according to IRS worksheets for tax planning purposes, and allow tax professionals to evaluate and optimize the best type of legal entity for small business owners to consider based on tax benefits.<\/p>\n<p><a href=\"https:\/\/proconnect.intuit.com\/tax-reform\/entity-selection-calculator\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-14777\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/QBI-Entity-Selection-Calculator-e1546536097802.jpg\" alt=\"QBI Entity Calculator\" width=\"640\" height=\"40\" srcset=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/QBI-Entity-Selection-Calculator-e1546536097802.jpg 655w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/QBI-Entity-Selection-Calculator-e1546536097802.jpg?resize=150,9 150w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/QBI-Entity-Selection-Calculator-e1546536097802.jpg?resize=300,19 300w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/QBI-Entity-Selection-Calculator-e1546536097802.jpg?resize=640,41 640w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p><strong>Notable Features<\/strong><\/p>\n<ul>\n<li>Incorporates two worksheets from Chapter 12 of <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p535.pdf\"title=\"\"  target=\"_blank\" rel=\"false noopener noreferrer\" data-wa-link=\"body_irs-pub535\" target=\"_blank\">IRS Publication 535<\/a>\n<ul>\n<li>Schedule A \u2013 Specified Service Trade or Business (SSTB) (phase-out computation)<\/li>\n<li>Worksheet 12A \u2013 Qualified Business Income Deduction Worksheet\n<ul>\n<li>W-2 wages &amp; unadjusted basis of qualified property limit<\/li>\n<li>Phased-in reduction<\/li>\n<li>20% of taxable income limit<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Allows users to evaluate optimal entity type, including\u00a0including Schedule C\/E, partnership, S corporation and C corporation, based on amounts entered<\/li>\n<li>Includes designation for filing status<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-14875\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/Entity-calculator2-e1547234997753.jpg\" alt=\"QBI entity calculator\" width=\"640\" height=\"305\" srcset=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/Entity-calculator2-e1547234997753.jpg 655w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/Entity-calculator2-e1547234997753.jpg?resize=150,71 150w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/Entity-calculator2-e1547234997753.jpg?resize=300,143 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-14874\" src=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/Entity-calculator1-e1547235014384.jpg\" alt=\"QBI entity calculator\" width=\"640\" height=\"327\" srcset=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/Entity-calculator1-e1547235014384.jpg 655w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/Entity-calculator1-e1547235014384.jpg?resize=150,77 150w, https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2018\/10\/Entity-calculator1-e1547235014384.jpg?resize=300,153 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><strong>Additional Planning Opportunities<\/strong><\/p>\n<ul>\n<li>Depending on the QBI and taxable income levels, it might make sense to purchase a capital asset or contribute to a retirement plan in the current year or hold off until next year to help maximize the QBI deduction.<\/li>\n<li>Since W-2 wages reduce qualified business income but increase the wage \/ UBIA limitation, there is a planning opportunity to optimize wages paid and thus maximize the QBI deduction.<\/li>\n<li>Because of the phase-outs and threshold amounts, married taxpayers may want to compare married filing jointly versus married filing separately to see which status yields the higher benefit.<\/li>\n<\/ul>\n<p>For additional resources, visit <a href=\"https:\/\/www.irs.gov\/newsroom\/tax-cuts-and-jobs-act-provision-11011-section-199a-deduction-for-qualified-business-income-faqs\"title=\"\"  target=\"_blank\" rel=\"false noopener noreferrer\" data-wa-link=\"body_irs-199aFAQs\" target=\"_blank\">IRS Deduction for Qualified Business Income FAQs<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Editor&#8217;s note:\u00a0<\/strong>This article was originally published on Oct. 29, 2018, and was re-published with information about calculator updates on Jan. 18, 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Use this calculator to help your small business clients determine which entity type is right for them based on based on tax reform, including the 20 percent QBI deduction. <\/p>\n","protected":false},"author":107082828,"featured_media":10747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[509474089],"tags":[582953261],"intuit_collection":[],"intuit_series":[],"coauthors":[509474105],"class_list":["post-13857","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-tax-law-and-news","tag-tax-reform","post_format-post-format-video"],"header_image":"","yoast_head":"<!-- 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