Due to recent tax law changes effective 2018, many are left in a state of confusion about what tax credits or deductions their business may qualify for. For business owners, the Qualified Business Income deduction is one of the most advantageous new deductions available to them. It allows for qualified businesses to deduct up to 20% of their income, reducing their tax bill by a considerable margin. What makes a business a “Qualified Business?”
There are a several requirements to qualify for the QBI deduction. Could your business be qualified for these tax deductions? Read on to find out:
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail firstname.lastname@example.org.
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