Good news for small business owners! Dr. Friday explains the now-permanent 20% qualified business income deduction and who can benefit.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Businesses get lots of tax breaks—most of them are maybe more permanent than others. Some are going to disappear. But one that we did like, that was made permanent, was the 20% qualified business income deduction for us self-employed independent contractors, S Corps, LLCs.
This is where we get a percentage of the profits that we make kind of as a deduction on our return so we can reinvest that back into our businesses.
It’s a great way for us to get a little bit of an incentive to be more profitable, to make more money, pay a little more taxes, and get a rebate. 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.