Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship) The business is NOT a specified services business. In 2020, the business
Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship) The business is NOT a specified services business. In 2020, the business pay $60,000 in W-2 wages, has $150,000 of qualify property , and $200,000 in net income( all of which is qualified business income) Susan also has a part time job earning wages of $13,600 , receives $3,400 of interest income, and will take standard deduction. What is Susan qualified business income deductions ?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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