You NEED Qualified Business Income Deduction in 2023

[@borismusheyevcpa]

Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ Schedule your FREE Tax Advisory Session: www.TaxPlanningCall.com

[@Henry.Nibler]

Boris, your case studies really help. I operate as a trustee for a few wealthy households, so frequently, I argue with accountants about items they missed. This video is going to be a reference point for me moving forward. You are helping many more people than the views in your video might reflect.

[@nf681]

Thank you! Your work has been instrumental in helping me gain insight on Tax forms and codes. As a new Tax professional i am greatful.

[@FinWizGovGirl]

Overall this is a very good summary of what the QBID is. I just want to clarify a couple of points that weren't really emphasized. You can claim the QBID if you have a non-STTB business even without employees if you exceed the thresholds (and the thresholds do matter even if you are non-STTB), it just will be greatly limited based upon the amount of qualified property you have if you have any (if you have no qualified property then yes you will need employees). This deduction is pretty complicated. But very good summary.

[@ikram11003]

Thanks One question do we have to remove one half of the self employment tax from the QBI or QBID? Let's say my tax is 10,000 so one half 5000. 1) QBI is 100,000 and QBID is 20,000. So, my actual QBID that I have to show on my tax return is 20,000-5000 : 15000? Or 2) 100,000 -5000 (95,000 %20)

[@emcconnell1607]

What happens if you have QBI loss carryover on your 8995 that is ($80K) and business income Current year $50K. Is my deduction zero?

[@TheSweetlife2001]

I am so glad that I found your channel. It was so helpful to me as a small business owner. I will be reviewing my taxes.

[@igelpey]

If I am solo proprietorship, self-employed. Can I take QB I ? Thank you

[@tulippy7]

Great explanation! Thank you

[@EastIdahoPhotoCo]

New sub here! Very exciting!! Thank you!!

[@thejasoncunningham]

Very helpful, thanks for clarifying!

[@billysagev3904]

Perfectly timed transition!!

[@saifhanna3083]

very nice, thank you

[@CDGMR1]

I am ready to work with his company. I scheduled my call.

[@sallynara5462]

Is there a way to deduct a cash purchase on a property whereby you used an Ira distribution and now have to pay taxes on the IRa

[@WithLibertyandJustice4ALL]

Thanks for your hard work!!!

[@borismusheyevcpa]

thank you!

[@AndyWalsh]

Did Trump pass this in 2018?

[@robd9026]

Another very informative video!

[@borismusheyevcpa]

Glad you think so!

[@CDGMR1]

I have lost so much $$$. Can you amend my taxes for the last 10 years?

[@borismusheyevcpa]

You can book a call with my team here: www.TaxPlanningCall.com

[@davidscott7682]

be careful paying for 10 years of amending - IRS will only reimburse for the past 3 years

[@_PicoDeGallo]

Hey boss I went to file taxes with this one guy and he filled out the QBID section but I don’t have a small business, thanks to that though, he got me a tax return refund of 3.2k. Can this affect me negatively in the future?

[@smallbeans101]

If you received a K1 or have a 1099 consolidated broker statement it's possible it may have triggered a deduction. Was it significant?

[@_PicoDeGallo]

@@smallbeans101 I didn’t receive any of these forms and the deduction or business loss that was reported was 23k.