New IRC 199A allows a 20% deduction for 'qualified business income' from a 'qualified trade or business' -- but who qualifies and how does this work? We'll walk through the requirements for the deduction and point out why the deduction amount may be substantially less than expected.
At the end of this learning sessions, participants should be able to:
Remember that the deduction applies to qualified business income
Recognize that Specified Service Business income may or may not be QBI
Identify taxpayers subject to additional limitations to the deduction