Tax Guy: How small business owners can maximize a potentially lucrative tax break

by | Jul 14, 2022 | Stock Market

The qualified business income (QBI) deduction was a centerpiece of the 2017 Tax Cuts and Jobs Act (TCJA). The write-off is available to eligible individuals through 2025.  The QBI deduction can be up to 20% of: (1) QBI earned from a sole proprietorship or a single-member LLC (SMLLC) that’s treated as a sole proprietorship for federal income tax purposes plus (2) QBI from a pass-through business entity, meaning a partnership, an LLC that’s treated as a partnership for federal income tax purposes, or an S corporation.  Pass-through…

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