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Deductions & credits
Yes. The key difference is if your work as a consultant is substantially the same as your work had been as an employee. If it is the same, then after three years you would be eligible to claim the Qualified Business Deduction (QBI).
If you are performing a different function as a consultant, then you are eligible to claim the QBI deduction now. In this case though you would need documentation to back this up.
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‎February 4, 2024
1:44 PM
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