Am I Eligible For A Qualified Business Income QBI Deduction?
The Qualified Business Income (QBI) deduction and related rules and guidance can be difficult to navigate. There are several factors and issues that eligible business owners must consider.
To help make the analysis easier, we have created the “Am I Eligible For A Qualified Business Income (QBI) Deduction?” flowchart. It addresses some of the most common issues that arise if you are trying to understand whether you are eligible for a QBI deduction, including:
Eligible business structures
Types of income eligible for the QBI deduction
Annual limits & phaseouts
Specified Services Trade or Business categories
Impact of owning multiple businesses
De minimis rules
Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.