Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Heather Hunter, a single taxpayer, owns a general store in McKinney, Texas. In 2023, she has $95,000 of profits from her general store, which she
Heather Hunter, a single taxpayer, owns a general store in McKinney, Texas. In 2023, she has $95,000 of profits from her general store, which she operates as a sole proprietorship. She has no employees, a modest amount of qualified property- $40,000. Her taxable income before the deduction for qualified business income is $50,000 ( AGI - itemized deductions). Courtney does not have any net capital gains or qualified dividends. How much is Heather's deduction for qualified business income? $95,000 $10,000 $8,000 $19,000 $0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started