{"id":292,"date":"2019-09-02T08:53:15","date_gmt":"2019-09-02T15:53:15","guid":{"rendered":"https:\/\/redhotlocalmarketing.com\/gayle\/?p=292"},"modified":"2019-07-17T09:05:18","modified_gmt":"2019-07-17T16:05:18","slug":"qualified-business-income-deduction-did-you-know","status":"publish","type":"post","link":"https:\/\/reddingbookkeeping.com\/qualified-business-income-deduction-did-you-know\/","title":{"rendered":"Qualified Business Income Deduction \u2013 Did You Know?"},"content":{"rendered":"<p>The Tax Cuts and Jobs Act (TCJA) created a new deduction for many taxpayers with business income. The Qualified Business Income (QBI) deduction applies to income derived from \u201cpass-through entities\u201d\u2014businesses whose earnings are reported on individual owners&#8217; tax returns rather than corporate returns. If you are a sole proprietor, partner, LLC owner, or shareholder in an S corporation, you may be eligible to claim the deduction.<\/p>\n<p>If you qualify, you may be able to deduct a portion of your business earnings from your adjusted gross income (AGI) on your tax forms. Because the QBI deduction reduces your taxable income, it may result in significant tax savings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Tax Cuts and Jobs Act (TCJA) created a new deduction for many taxpayers with business income. The Qualified Business Income (QBI) deduction applies to income derived from \u201cpass-through entities\u201d\u2014businesses whose earnings are reported on individual owners&#8217; tax returns rather than corporate returns. If you are a sole proprietor, partner, LLC owner, or shareholder in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Qualified Business Income Deduction \u2013 Did You Know? - Gayle&#039;s Full Service Tax and Bookkeeping<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reddingbookkeeping.com\/qualified-business-income-deduction-did-you-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qualified Business Income Deduction \u2013 Did You Know? - Gayle&#039;s Full Service Tax and Bookkeeping\" \/>\n<meta property=\"og:description\" content=\"The Tax Cuts and Jobs Act (TCJA) created a new deduction for many taxpayers with business income. 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