{"id":302,"date":"2018-07-19T19:46:03","date_gmt":"2018-07-19T19:46:03","guid":{"rendered":"https:\/\/titlestadcpa.com\/?p=302"},"modified":"2018-07-19T19:46:03","modified_gmt":"2018-07-19T19:46:03","slug":"sect-199a-qualified-business-income-deduction-qbid","status":"publish","type":"post","link":"https:\/\/titlestadcpa.com\/sect-199a-qualified-business-income-deduction-qbid\/","title":{"rendered":"Sect 199A \u2013 Qualified Business Income Deduction (QBID)"},"content":{"rendered":"<p>New for tax year 2018 (TCJA) the QBID allows sole proprietors and individual owners of pass through entities such as S corps, Partnerships and LLC\u2019s to deduct 20% of their qualified business income up to 20% of their ordinary taxable income.<\/p>\n<p>This is a boon for small business owners, however the law is complex and there are several limits and restrictions such as:<\/p>\n<ul>\n<li>The deduction phases out for high income tax payers who derive their QBI from service fields such as health, law, accounting, financial services etc.<\/li>\n<li>The phase our starts at $315,000 for joint filers and $157,500 for others.<\/li>\n<li>Even those taxpayers who do not operate in personal service businesses are subject to restrictions based on W2 wages or W2 wages and investment in assets.<\/li>\n<\/ul>\n<p>Due to the complexity of the rules and the fact that the IRS has promised clarification on several parts of the law, we advise that you consult a tax professional to guide you through the process.<\/p>\n<p><strong>Please call me at 704 491 5201 or email me at <a href=\"mailto:philip@titlestadcpa.com\">philip@titlestadcpa.com<\/a> for further guidance and consultation.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New for tax year 2018 (TCJA) the QBID allows sole proprietors and individual owners of pass through entities such as S corps, Partnerships and LLC\u2019s to deduct 20% of their qualified business income up to 20% of their ordinary taxable income. This is a boon for small business owners, however the law is complex and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sect 199A \u2013 Qualified Business Income Deduction (QBID) - Philip K. Titlestad CPA, PLLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/titlestadcpa.com\/sect-199a-qualified-business-income-deduction-qbid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sect 199A \u2013 Qualified Business Income Deduction (QBID) - Philip K. Titlestad CPA, PLLC\" \/>\n<meta property=\"og:description\" content=\"New for tax year 2018 (TCJA) the QBID allows sole proprietors and individual owners of pass through entities such as S corps, Partnerships and LLC\u2019s to deduct 20% of their qualified business income up to 20% of their ordinary taxable income. 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