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Schedule C: What is a qualified trade or business? What is an SSTB?

Is a self employed gerontologist (science of aging) in a qualified trade or business?

Are they an SSTB?

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Level 1

Schedule C: What is a qualified trade or business? What is an SSTB?

A qualified trade or business is one that includes, most self-employed taxpayers and small business owners. It allows them to exclude up to 20% of their qualified business income from federal income tax (but not self-employment tax) whether they itemize or not.

Yes, as a self-employed individual you are a qualified trade or business and may be able to claim the Qualified Business Income deduction (also called the QBI)

Not knowing the specifics of your business as a Gerontologist, but being familiar with the general nature of individuals in your line of work, it would seem that your business is most probably classified as an SSTB.  For clarification, businesses that are classified as Specified Service Trade or Business (SSTB) include the following:

  • Accounting
  • Actuarial science
  • Athletics
  • Consulting
  • Health
  • Law
  • Performing arts
  • Financial services
  • Brokerage services (including investment management and investing, trading, or dealing in securities, commodities, or partnership interests)

For more information please see the following TurboTax FAQ

https://ttlc.intuit.com/replies/7019998

1 Reply
Level 1

Schedule C: What is a qualified trade or business? What is an SSTB?

A qualified trade or business is one that includes, most self-employed taxpayers and small business owners. It allows them to exclude up to 20% of their qualified business income from federal income tax (but not self-employment tax) whether they itemize or not.

Yes, as a self-employed individual you are a qualified trade or business and may be able to claim the Qualified Business Income deduction (also called the QBI)

Not knowing the specifics of your business as a Gerontologist, but being familiar with the general nature of individuals in your line of work, it would seem that your business is most probably classified as an SSTB.  For clarification, businesses that are classified as Specified Service Trade or Business (SSTB) include the following:

  • Accounting
  • Actuarial science
  • Athletics
  • Consulting
  • Health
  • Law
  • Performing arts
  • Financial services
  • Brokerage services (including investment management and investing, trading, or dealing in securities, commodities, or partnership interests)

For more information please see the following TurboTax FAQ

https://ttlc.intuit.com/replies/7019998