Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Marketing Research

Authors: Joseph Hair, Mary Wolfinbarger, Robert Bush, David Ortinau

2nd edition

73404829, 978-0073404820

Students also viewed these Accounting questions