IRS released a new guidance for section 199A (Popularly known as QBI deduction (20%) on 01/18/19. We may use it apply to 2018 income tax return. See the link below for details.
What's the new QBI deduction? It's created by the 2017 Tax Cuts and Jobs Act (TCJA). It allows the owners of sole proprietorships, pass-through entities to deduct up to 20% of their qualified business income on their personal income tax return if they meet the requirements.
There are two elements you may find useful for the QBI calculation:
If your income is at or below $315,00 for joint return and $157,500 for other filing status.
2. If your income is over the threshold, you're not in the specific services business.
Beside the two elements above, there are some other requirements and facts for the final QBI calculation. See the link below to find out more or contact us for the details.