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Joanne is married filing a joint return. Joanne owns a CPA firm and accounting is a specified service. The firm has with QBI of 200,000.
Joanne is married filing a joint return. Joanne owns a CPA firm and accounting is a specified service. The firm has with QBI of 200,000. W-2 wages of the business was $150,000 and the total basis of property held in the business was $30,000. Her taxable income before her QBI deduction was $240,000 (which was also her modified taxable income). What is Ashleys QBI deduction? Assume that Ashleys spouse earned $300,000 raising their taxable income and MTI to $540,000. What would Ashleys qualified business deduction be now?
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