Tax Cuts and Jobs Act – How to hit the jackpot with the QBI deduction
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Description
Abstract: The qualified business income (QBI) deduction, authorized by the Tax Cuts and Jobs Act (TCJA), is available to owners of pass-through entities — such as S corporations, partnerships and limited liability companies (LLCs) — as well as self-employed individuals. This article highlights how the QBI deduction works and points out that it’s only available for a limited time and will expire after 2025, absent further legislative action.
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