Eligible pass-through business owners may qualify for a deduction of up to 20% of qualified business income. C corporation income and employee wages do not qualify as QBI.
The result can depend on taxable income, business type, wages, property, and other limitations. Taking the standard deduction does not automatically prevent an eligible QBI deduction.
Your next steps
- Identify eligible business income.
- Review taxable-income limitations.
- Coordinate the calculation across all qualifying businesses.
General education, not individualized tax or legal advice. Illustrations use stated assumptions and do not promise a refund or tax saving.
Make this relevant to your situation.
ML Taxes & Accounting can review your income, records, and goals before you make a tax decision.
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