Flowchart for Deduction for Qualified Business Income (QBI)
How Will Your Pass-Through Income be Taxed?
If your business income is reported on your personal tax return, you are likely interested in how the Tax Cuts and Jobs Act (TCJA) will affect how that pass-through income is taxed. The good news is the TCJA puts small businesses in the position to receive the most significant tax break we’ve witnessed in the past 50 years. However, the rules surrounding how the income is taxed are a bit complex and vary based on the type of work you do, as well as other factors.
To help you make sense of the changes, download our Flowchart for Deduction for Qualified Business Income (QBI). It will show you how the tax would be applied in your situation.
After reviewing it, if you have questions about the QBI deduction, we’re happy to help you understand what actions you need to take now and in the future to maximize the tax savings available. Contact PBMares and let our professionals help you make informed decisions that will impact your bottom line.