Regarding what qualifies for the Qualified Business Income Deduction, TurboTax will walk you through all the questions to determine if your business meets the rules.
A taxpayer’s qualified trades and businesses include his or her trades or businesses for which the taxpayer is allowed a deduction for ordinary and necessary business expenses.
Exceptions: Trade or business does not include the following:
- Trades or businesses conducted through a C corporation,
- Wages earned as an employee, and
- Specified service trades or businesses for taxpayers with taxable income above the threshold amounts (note: the threshold are based on your filing status - if your income is above the threshold, then your deduction may be reduced). A Specified service trade or business is any trade or business providing services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any other trade or business where the taxpayer receives fees, compensation, or other income for endorsing products or services, for the use of the taxpayer’s image, likeness, name, signature, voice, trademark, or any other symbols associated with the taxpayer’s identity, or for appearing at an event or on radio, television, or another media format.
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