Question
Thad, a single taxpayer, has taxable income before the QBI deduction of $194,900. Thad, a CPA, operates an accounting practice as a single member LLC
Thad, a single taxpayer, has taxable income before the QBI deduction of $194,900. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship generates qualified business income of $150,000, W2 wages of $125,000, and $10,000 of qualified property.
Assume the QBI amount is net of the self-employment tax deduction.
What is Thad's qualified business income deduction?
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Construction accounting and financial management
Authors: Steven j. Peterson
2nd Edition
135017114, 978-0135017111
