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2. The Qualified Business Expense Tax Credit Expires Soon ... - AOL

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   The QBI deduction allows you to reduce your taxable income to $400,000, resulting in a tax bill of $140,000 at the same 35% tax rate. With the QBI deduction, a business making $500,000 in income ...

3. 15 Self-Employment Tax Deductions You Should Know - AOL

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   Here are a few lesser-known small business tax deductions that can help lower your self-employment taxes: 12. Qualified Business Income (QBI) ... income using the Qualified Business Income (QBI ...

4. What Will Happen If Congress Doesn’t Extend the Expiring Tax ...

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   This means that if you’re a sole proprietor with $100,000 in business income, for example, you can immediately deduct $20,000 of that income and not have to pay tax on it.

5. Internal Revenue Code section 132(a) - Wikipedia

   en.wikipedia.org/wiki/Internal_Revenue_Code...

   Per the Tax Cuts and Jobs Act of 2017, Tax-exempt employers must report tax-free qualified transportation fringe benefits provided to employees on or after January 1, 2018, as unrelated business income. The Taxpayer Certainty and Disaster Tax Relief Act of 2019 repealed that provision of the 2017 law so that thease benefits are no longer ...

6. Qualified Production Activities Income - Wikipedia

   en.wikipedia.org/wiki/Qualified_Production...

   Prior to the tax year 2018, the DPAD was claimed using IRS Form 8903 and was generally equal to 9% of the lesser of a taxpayer’s qualified production activities income or taxable income. The deduction was subject to certain limitations and could not exceed 50% of the W-2 wages paid by the taxpayer during the year.

7. What Are the Most Generous Tax Deductions for the Self ... - AOL

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   Qualified Business Income. As part of the Tax Cuts and Jobs Act of 2017, small businesses, including self-employed individuals, were allowed to write off 20% of their incomes. While this provision ...