{"id":2793,"date":"2021-06-23T06:29:00","date_gmt":"2021-06-23T12:29:00","guid":{"rendered":"https:\/\/web.blockadvisors.com\/?p=2793"},"modified":"2024-05-15T11:05:49","modified_gmt":"2024-05-15T17:05:49","slug":"qualified-business-income-deduction","status":"publish","type":"post","link":"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/qualified-business-income-deduction\/","title":{"rendered":"Qualified business income deduction: Keys to claiming this big tax break"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">For certain small business owners, the qualified business income deduction (QBID) was one of the major elements of 2017\u2019s Tax Cut and Jobs Act (TCJA). The rule allows business owners to take up to a 20% deduction of their profits if they qualify. If you\u2019re new to business taxes or to the QBID, you won\u2019t want to miss out on this valuable tax benefit. Learn all about what the qualified business income deduction is, how it works and can benefit you, and how to claim it in this post.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-qualified-business-income-deduction\">What is a qualified business income deduction?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">First, let\u2019s outline what this tax term means for you \u2013 \u201cso, what is a qualified business income deduction?\u201d Long story short, it\u2019s a valuable tax-saving deduction that is somewhat new to the scene after TCJA introduced it in 2017.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Essentially, the qualified business income deduction offers tax reprieve by providing an individual deduction of up to 20% of a business\u2019s qualified business income.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-199a\">Section 199A<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The qualified business income deduction (QBID) is also known as the Section 199A deduction because the rule comes from Section 199A of the Internal Revenue Code.&nbsp; The QBID is also known as the pass-through deduction, QBI deduction, and the 20% deduction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-qualified-business-income\">What is qualified business income?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Now, let\u2019s answer \u201cwhat is qualified business income?\u201d because, to be frank, not all business income qualifies. Qualified business income includes:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large\"><img decoding=\"async\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2021\/06\/QBI-deduction.jpg\" alt=\"QBI deduction sticky note\"\/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>Qualified items of business income, gain, deduction, and loss from the sale of goods or services allowed in calculating taxable income for the year,<\/li>\n\n\n\n<li>Income effectively connected with running a trade or business in the United States,<\/li>\n\n\n\n<li>Income from partnerships (other than publicly traded partnerships), S corporations, sole proprietorships, and certain estates and trusts.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A separate component of the qualified business income deduction covers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Qualified publicly traded partnership income<\/li>\n\n\n\n<li>Qualified real estate investment trust dividends (known as Section 199A dividends)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-can-claim-the-qualified-business-income-deduction\">Who can claim the qualified business income deduction?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The qualified business income deduction&nbsp;is available to eligible small business-owning taxpayers, whether the business owners itemize deductions or take a&nbsp;<a href=\"https:\/\/web.blockadvisors.com\/standard-deduction-and-exemptions\/\">standard&nbsp;deduction<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet, QBID may be limited depending on your type of business. The qualified business income deduction applies to any business operated as a <a href=\"https:\/\/web.blockadvisors.com\/llc-vs-sole-proprietorship\/\">sole proprietorship<\/a>, partnership, or <a href=\"https:\/\/web.blockadvisors.com\/llc-vs-scorp\/\">S Corporation<\/a>. (<a href=\"https:\/\/web.blockadvisors.com\/llc-vs-c-corp-c-corporation\/\">C Corporations<\/a> are not eligible for the deduction.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, an individual taxpayer without qualified business income can\u2019t claim it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-section-199a-limitations\">Section 199A limitations<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">There are a few limits to who can take Section 199A deductions \u2013 and how they\u2019re taken. They are as follows:<\/p>\n\n\n\n<ol class=\"wp-block-list\" style=\"list-style-type:1\">\n<li><strong>Type of trade or business \u2013<\/strong>&nbsp;Certain service businesses can face steep phaseouts if 2020 taxable income before the QBI deduction exceeds $163,300 (single, Married Filing Separately, Head of Household, or Qualified Widower) or $326,600 (Married Filing Jointly).<\/li>\n\n\n\n<li><strong>20% taxable income limit \u2013<\/strong>&nbsp;The deduction can\u2019t exceed 20% of taxable income minus net capital gain.<\/li>\n\n\n\n<li><strong>Wage and property limit \u2013<\/strong> If your yearly taxable income exceeds $326,600 for a married couple filing a joint return, or $163,300 for all other taxpayers, QBID may be partially or fully reduced to the greater of 50% of W-2 wages paid by the business and or 25% of W-2 wages plus 2.5% of the unadjusted basis of qualified depreciable business assets.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sound complex? Don\u2019t worry; you don\u2019t have to go it alone. That\u2019s why we\u2019re here. &nbsp;You can always get help from a&nbsp;<\/strong> <a href=\"https:\/\/www.blockadvisors.com\/find-a-pro\/\">Block Advisors small business certified tax pro<\/a>&nbsp;.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-much-is-the-qualified-business-income-deduction\">How much is the qualified business income deduction?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;QBI deduction&nbsp;is generally equal to the lesser of these two amounts:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>20% of&nbsp;qualified&nbsp;business&nbsp;income&nbsp;plus 20% of&nbsp;qualified&nbsp;real estate investment trust dividends and&nbsp;qualified&nbsp;publicly traded partnership&nbsp;income<\/li>\n\n\n\n<li>20% of taxable&nbsp;income&nbsp;computed before the&nbsp;qualified business&nbsp;income&nbsp;deduction&nbsp;minus net&nbsp;<a href=\"https:\/\/web.blockadvisors.com\/capital-gains-and-losses\/\"><strong>capital gain<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-qbi-deduction-put-into-practice\">QBI deduction put into practice<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Still confused about the benefits of the QBI deduction? Let\u2019s review an example:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A small business owner with qualified net business income of $80,000 (and no other income) can deduct the lesser of:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">20% of net business income<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">-OR-<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">20% of taxable income<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If they use the Single filing status and their taxable income is $73,880, the QBI deduction may be $14,776.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If they claim the standard deduction of $12,400 (2020), the small business owner can deduct both the QBI deduction of $14,776 plus the standard deduction of $12,400.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result, they will pay tax on $52,824 ($80,000 &#8211; $14,776 &#8211; $12,400 = $52,824).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-can-you-claim-the-qbi-deduction\">When can you claim the QBI deduction?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As a small business owner, you can\u2019t automatically get the Section 199A deduction \u2013 a little extra paperwork is necessary. You should claim the QBI deduction on your federal income tax return on <a href=\"https:\/\/web.blockadvisors.com\/new-form-1040\/\">Form 1040<\/a> via Form 8995 or Form 8995-A. Luckily, we can help. Our Block Advisors small business tax pros speak the tricky language of taxes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-help-with-the-qbid-and-other-small-business-tax-concerns\">Help with the QBID and other small business tax concerns<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you want hands-on tax guidance, let us help. With more than a million small business clients, our tax pros can help you prepare a Schedule C and claim the qualified business income deduction\u2013 and optimize your small business\u2019 tax outcome. In addition, we provide <a href=\"https:\/\/www.blockadvisors.com\/small-business-bookkeeping-services\/\">bookkeeping<\/a> and <a href=\"https:\/\/www.blockadvisors.com\/small-business-payroll-services\/\">payroll services<\/a>, to help you &nbsp;get back to running the business you love.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.blockadvisors.com\/find-a-pro\/\">Make an appointment<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For certain small business owners, the qualified business income deduction (QBID) was one of the major elements of 2017\u2019s Tax\u2026<\/p>\n","protected":false},"author":1,"featured_media":4789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1237,1171],"tags":[],"class_list":["post-2793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manage-your-business","category-small-business-tax-prep"],"acf":[],"yoast_head":"<title>Qualified Business Income Deduction | Block Advisors<\/title>\n<meta name=\"description\" content=\"A provision of TCJA (tax reform) affecting many businesses is the qualified business income deduction\/passthrough deduction\/20% deduction. 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