Overhaul of QBI Deduction
Owners of profitable pass-through entities may be entitled to claim a personal 20% deduction of qualified business income (QBI); various formulas and limitations apply. The Small Business Tax Fairness Act would overhaul the QBI deduction. It would greatly simplify calculations. It would also cap eligibility for those with income under $400,000. Chances of enaction? Who knows? #IdeaoftheDayDaily tips on legal, tax, financial, and other matters to make you a smarter entrepreneur.
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