Keyword Analysis & Research: qualified business income deduction 2020

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Frequently Asked Questions

Does your small business qualify for the 20% deduction?

The 20% deduction applies only to small businesses engaged in manufacturing, retail, nonprofessional services (think restaurants and lawn care), and SOME professional services (such as architecture and engineering).

Who qualifies for qualified business income?

What Is the Qualified Business Income Deduction? The qualified business income (QBI) deduction gives some owners of pass-through businesses a deduction worth up to 20% of their share of the company's qualified business income. “Qualified business income" is similar to net income but excludes several types of income a business might show on its profit and loss statement. This includes interest, dividends, and capital gains, as well as income from businesses located outside of the U.S.

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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