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 2019, the business
Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2019, the business pays $100,000 in W2 wages, has $150,000 of qualified property, and generates $350,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction.
Assume the QBI amount is net of the self-employment tax deduction.
What is Susan's qualified business income deduction?
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