In the Draft Instruction for 2018 1040 page 34, Line 9 instructions lists health, law, accounting, etc. as businesses excluded from being Qualified Trades and Businesses to qualify for QBI deduction, However, after the long and never-ending paragraph, the instructions include Exceptions: If your taxable income is less than $157,500 ($315,000 if MFJ), your specified service trade or business is treated as a qualified trade or business. So does that mean my accounting and tax firm can qualify if my taxable income is below this amounts?
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Yes.
If the income is below $157,500/$315,000, all business qualify for it (except C-corporations).
If the income is over that amount, Specified businesses start to get phased out with no exceptions, and the phase out and limitations for Non-specified businesses are dependent on the businesses' W-2 wages and Qualified Property. -
The phaseout between the upper and lower limits for SSBs is also includes a wage/property factor.Originally posted by TaxGuyBill View Post
"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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Originally posted by Rapid Robert View Post
Interesting; I didn't remember that. I'll need to look that up and review it again. Thank you.Comment
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