Frequently Asked Questions on Qualified Business Income Deduction
One of the more important provisions in the Tax Cuts and Jobs Act, passed in December of 2017, is the...
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Making QBID entries involving a Partnership (Form 1065)
As a pass-through entity, the income (or loss) from a partnership (Form 1065) is treated on the tax return of... -
Making QBID entries involving a Sole Proprietorship (Form 1040, Schedule C)
The income (or loss) from a sole proprietorship or single member Limited Liability Corporation (LLC) is reported by the business... -
Making QBID entries involving a Specified Service Business
The Qualified Business Income Deduction (“QBID”) treats certain personal service businesses which are classified as Specified Service Trades or Businesses... -
Making QBID entries involving an S-Corporation (Form 1120S)
As a pass-through entity, the income (or loss) from a Subchapter S-Corporation (Form 1120S) is treated on the tax return... -
QBID – Rental Property and Electing the Safe Harbor
The Qualified Business Income Deduction (“QBID” which is also called “Section 199A deduction”) was created in the Tax Cuts and... -
Qualified Business Income Deduction – Overview
The Tax Cuts and Jobs Act created a deduction for certain pass-through business income which is known as the Qualified... -
Schedule E – Real Estate Participation – Active / Material
Rental activities are consider passive activities by definition and rental activities are subject to the rule affecting passive activities and... -
Royalty Income – Schedule E / Schedule C
Royalties represent payments to another party for the use of their property (typically intellectual or artistic property) or it provides... -
Suspended or Unallowed Loss on a Schedule C
A taxpayer operating a business on a Schedule C will normally be deemed to be materially participating in the business.This...