New 20% Deduction Available For “Qualified Business Income” (“Pass-Through” Income)

Deduction available for qualified business income

There is a significant new tax deduction that provides a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or sole proprietorship (i.e., “pass-through” income).  The deduction is equal to 20% of the pass-through entity “qualified business income (QBI).” This is defined as the net amount of items of…

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