As you know, the Tax Cuts and Jobs Act introduced many new concepts to tax law. One of the more complex changes involves the qualified business income (QBI) deduction, especially as it relates to the expensing of business assets and limits on business interest deductions.
These changes may have contributed to the significant increase in the number of extended returns this year. If you have small business clients, you are no doubt working hard to optimize the QBI deduction for your clients. With all of the limitations and special rules, it may be more challenging than you expected. Explaining it to your clients isn’t easy, either.
Here are three QBI resources you may find useful from our popular PPC Deskbook:
- Key Issue/Explanation: Qualified Business Income Deduction
- Flowchart: Qualified Business Income Deduction
- Calculation Worksheet: Qualified Business Income Deduction
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