Great news to start the year. Dr. Friday explains why making the 20% Qualified Business Income deduction permanent opens the door for real tax planning.
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.
The QBI 20% deduction is permanent, yes. All small business owners, all people with rental income, and anyone dealing with investments that may have QBI are going to be extremely excited, as I am, because this is 20%.
That means if I have $100,000, I could get a $20,000 deduction if it’s done correctly. Understanding QBI is something I find a lot of times people don’t, but it is permanent, which means now you can do some planning and you can do some investing.
If you’ve got rental properties, you’ve got a small business, or a big business, QBI may be a way to put more money in your pocket. drfriday.com.
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