Understanding Qualified Business Income Deduction (QBI)

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
Understanding Qualified Business Income Deduction (QBI)

Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
And we still have a Section 199A deduction. It came back in 2017 part of the Tax Cut and Jobs Act. But remember under the new Section 199A, It enables the law allows you if a non-corporation taxpayer can deduct QBI up until December 31 for 10 years. So December 31 of 2017 for 10 years, we’re going to have QBI and you’re going to be able to deduct it as a tax deduction. This is going to put money in your pocket but understanding what QBI is you need to talk to your tax person. If you don’t have one, call me 615-367-0819.

Announcer 0:51
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