2018 Small Business deduction from Schedule C income

[JMessCPA]

Will a financial advisor filing a schedule C for 2018 be entitled to the new Small Business deduction of 20%? I saw there are certain professions that will not qualify for this deduction for some reason. Any insight would be appreciated. Where can i research this further?

Thanks you

[Lion]

You'll want to read the Bill itself. I took webinars all January, it seems, but still expect to see a technical corrections act to clarify what Congress meant. It appears that even a taxpayer in a business that generally does NOT qualify for this deduction can still get this deduction if the taxpayer's taxable income does not exceed the threshold amount plus phase-out range of $207,500/$415,000 MFJ -- that last sentence primarily from David Mellem.

Try webinars from David & Mary Mellem, Lisa Ihm, NATP, NAEA, Tax Talk Today, and your local and national professional groups.

[kathyc2]

Financial services are part of the "special" class of businesses. If taxable income is below the threshold, he should receive the deduction. If it is above threshold, he will not receive it, regardless of whether or not there are W2 employees.

[JMessCPA]

Thank you for your time and assistance.