Qualified Business Income Deduction

December 27, 2018

Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as a sole proprietorship or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. 

Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019.

This provision is the result of tax reform legislation passed in December 2017.

 

Learn More:

 

https://www.irs.gov/newsroom/business-owners-can-claim-a-qualified-business-income-deduction


https://www.irs.gov/pub/irs-drop/reg-107892-18.pdf

 

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