Business Owners – Pay less income taxes (legally) with QBI – Qualified Business Income Deduction

Qualified Business Income QBI is the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business, including income from partnerships, S corporations, sole proprietorships, and certain trusts.

Generally this includes, but is not limited to, the deductible part of self-employment tax, self-employed health insurance, and deductions for contributions to qualified retirement plans (e.g. SEP, SIMPLE and qualified plan deductions).

Checklist is available by clicking the DOWNLOAD button.

More information from the IRS: https://www.irs.gov/newsroom/qualified-business-income-deduction