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Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole proprietorship. During 2020, his business generates $140,000 of business
Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole proprietorship. During 2020, his business generates $140,000 of business income, $40,000 of deductible business expenses (no adjustment for self-employment tax deduction is necessary in this question), and $2,400 of interest income from his business deposits. He has no other sources of income. Josephs AGI is $102,400.
What is Josephs qualified business income deduction?
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