Qualified Business Income Deduction

[Molly68]

Hello - Does anyone know how we know if we qualify for the Qualified Business Income Deduction? Appreciate any guidance. 

[Donna240]

You should be able to Google IRS or your state tax board and find information there. I've never heard of this. Is it a federal tax?

[Molly68]

Yeah it’s new this year. I’ve read a lot. Seems relatively simple, almost too simple of a tax break.  

[Raf3]

QBI and 199a exemption is a Federal tax change from last year specifically for pass through entities (S corps, LLC). Short answer is yes, but there are lots of nuances here. Should I write a post on my blog about it? http://www.gatortaxprep.com/blog/

[Taylor176]

Yes please do!!

[Molly68]

Thank you, I’ll take a look. Apprecaite the help. 

[Trish78]

I can't get into this blog.

[Molly68]

Hi @Trish78 ! There is more guidance now since this was posted that the IRS has published regarding the QBI deduction. Just search IRS Qualified Business Income.