Categoría: Bookkeeping

While various types of business income are eligible for the QBI deduction, certain types aren’t. Wage income, income that’s not included Online Accounting in taxable income, capital gains and losses, and certain other types of income are excluded. The QBI deduction also excludes income generated by foreign currency gains, commodities transactions, and certain dividends. These…

Explore the nuances of qualifying for the Qualified Business Income Deduction by understanding trade or business status and its implications. For many TurboTax customers, the calculation is very simple, while for others…not so much. We’ve laid out the details here, but don’t worry if you find yourself getting lost—TurboTax easily handles the new QBI deduction…