Huth Thompson LLP

Qualified Business Income Deduction

One of the highlights of the new tax law is a great new deduction for business owners called the Qualified Business Income Deduction. It is a 20% deduction against the net income of a taxpayer’s qualifying business. For high income taxpayers there are certain rules that apply if they have what is known as a Specified Service Trade or Business. For other high income taxpayers there are limitations based on the W-2 wages paid by the business and the qualifying property of the business. Now is a good time for a business owner to meet with their tax advisor to discuss how they can best make use of this valuable tax deduction.

Give us a call today at 765-428-5000 or email contact@huththompson.com if you have any questions.