Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income. The deduction has two components:
- Eligible taxpayers may be entitled to a deduction of up to 20% of qualified business income from domestic business operated as a sole proprietor or through a partnership, S corporation, trust or estate.
- Eligible taxpayers may also be entitled to a deduction of up to 20% of their combined qualified real estate investment trust and qualified publicly traded partnership income.
For details on figuring the deduction, visit Expert Tax Solutions. The deduction is available for taxable years beginning after December 31, 2017.
Qualified Business Income:
Is the net amount of qualified items of income, gain, deductions and loss from qualified trade or business.