Are You Eligible for a Qualified Business Income (QBI) Deduction?

The basis of QBI is that self-employed individuals may deduct up to 20% of their qualified business income, subject to profession and income limits. The easiest way to think of this is 20% of your company's net profit (the amount that goes on your tax return) can be deducted for tax purposes.

This flowchart is a good starting point when determining eligibility for QBI.

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