Keyword Analysis & Research: business income deduction 2020

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What is the qualified business income deduction?

The qualified business income deduction is a tax deduction that allows for pass-through business owners to deduct up to 20% of their qualified business income on their taxes. Business owners who can claim QBI deduction include individuals who report business income on their personal tax returns, such as small business owners and sole proprietors.

Can I take qualified business income deduction?

You also do not need to itemize your deductions in order to claim the qualified business income deduction. That means as long as you qualify for the deduction, you can take it.

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