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Shawn owns and manages his single-member LLC which provides a wide variety of accounting services to his clients. He is married and will file a
Shawn owns and manages his single-member LLC which provides a wide variety of accounting services to his clients. He is married and will file a joint tax return with his spouse, Georgia. His LLC reports $250,000 of net income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $215,000 (this is also their modified taxable income). Determine their QBI deduction under Section 199A for 2019.
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