{"id":4697,"date":"2018-12-19T00:00:00","date_gmt":"2018-12-19T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/the-new-business-deduction\/"},"modified":"2022-02-04T16:59:37","modified_gmt":"2022-02-04T20:59:37","slug":"the-new-business-deduction","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2018\/12\/19\/the-new-business-deduction\/","title":{"rendered":"The New Business Deduction"},"content":{"rendered":"\n
A new deduction is available to businesses with qualified business income (QBI). While that’s great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear! Ensuring you receive a maximum deduction will come down to providing the proper information. Here is some knowledge to help you cut through the confusion:<\/p>\n\n\n\n
In short, it’s a 20 percent deduction against ordinary income, taken on your personal tax return, that reduces qualified business income earned for most pass-through businesses (sole proprietorships, partnerships and S-corporations). It’s not an itemized deduction, so you can take it in addition to the standard deduction. To qualify without limitations, your total taxable income needs to be below $157,500 ($315,000 for married couples) for 2018. If your income exceeds the threshold, it gets complicated.<\/p>\n\n\n\n
With proper planning and preparation, you can rest easy knowing that obtaining your shiny, new QBI deduction is in good hands. As always, should you have any questions or concerns regarding your tax situation please feel free to call.<\/p>\n","protected":false},"excerpt":{"rendered":"
Stop worrying and start preparing new deduction is available to businesses with qualified business income (QBI). While that’s great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear!<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[46],"tags":[32,52,53,54],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4697"}],"collection":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/comments?post=4697"}],"version-history":[{"count":2,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4697\/revisions"}],"predecessor-version":[{"id":4906,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4697\/revisions\/4906"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}