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Business & farm
Yes, the local club pro qualifies to take the QBI deduction. According to the IRS a qualified trade or business is a business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading or dealing in certain assets, or any trade or business where the principal asset is the reputation or skill of one or more of its employees or owners.
If you would like more information see Tax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction FAQs
March 12, 2024
6:27 AM