Qualified Business Income deduction, included in the passing of the Tax Cuts and Jobs Act, allows for a deduction of up to 20% of QBI from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships. This provision is a significant tax benefit. Vern Hoven, one of America’s premier tax presenters, has written this thorough guide to help you ensure the best tax break for your clients.
Upon successful completion of this course, participants will be able to:
- Define the key terminology and elements of Code Section 199A.
- Cite the various thresholds and limitations within Section 199A.
- Identify the application of the QBI deduction for taxpayers.
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