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Video instructions and help with filling out and completing Qbi deduction
Instructions and Help about Qbi deduction
Music the tax cut and Jobs Act of 2022 we got a new deduction for business owners and it can save you a lot of taxes but you need to understand how it works it's called QB I qualified business income it allows you to take a deduction of up to 20 percent of your profits so let me give you an example so if you have $150,000 of gross income that's what you bill your clients and then you have $50,000 of expenses so your net is a hundred thousand gross 150 expenses fifty you net a hundred thousand dollars that's your net income you take twenty percent of that net income that would be twenty thousand dollars is a tax deduction if you're in the 22 percent tax bracket you would save forty four hundred dollars tax because of this new deduction it's brand-new it's to help small businesses it's partly because larger corporations got a lower tax rate and smaller businesses it was felt that they should get some break as well there's a few limitations you need to understand one is your taxable income needs to be equal to or greater than your net income so in my example of $100,000 business profit if your taxable income is less than that let's say it's $80,000 then the deduction is 20% of 80 thousand not a hundred thousand so that's one thing you need to be aware of another thing is if your income taxable income is high and that's defined as a single person taxable income above a hundred fifty seven thousand five hundred or married couple taxable income above three hundred fifteen thousand dollars that is where these deductions can start phasing out and it depends upon whether you're a service business or a non service business when you're in those higher income levels there's a whole lot of confusion on what it's a service business and what is not a service business so if you are in these higher income levels get some help on that because it's not that simple and in fact every time we pass a new tax law it becomes more complicated this one was no different but it's important to know this qbi detection is going to save you money that allows you to have more net in your pocket more to spend on your business more to spend personally or whatever you would like to use that money for if you would like more information go to pure financial dot-com Music you.