Thad, a single taxpayer, reports taxable income before the QBI deduction of $185,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During the tax year, his proprietorship generates qualified business income of $148,000 after deducting self-employment taxes, W2 wages of $111,000, and $11,600 of qualified property. Assume the QBI amount is net of the self-employment tax deduction.

What is Thad's QBI deduction?

Please provide solution and answer