Over 20 Percent of U.S. Taxpayers Report Business Income

The latest IRS Statistics of Income Bulletin (Publication 1304) showed that of the 164 million returns filed for 2020 (the most recent year for statistics), nearly 28 million reported business or professional net income less loss on Schedule C, plus another 9 million reported partnership and S corporation net income less loss and over 1 million farmers reported net income less loss on Schedule F. Nearly 23 million business owners claimed the qualified business income (QBI) deduction. #IdeaoftheDay