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Is the Qualified Business Income deduction provided in place of self-employed expenses deduction?

 
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DianeW777
Expert Alumni

Is the Qualified Business Income deduction provided in place of self-employed expenses deduction?

No, it is automatically calculated on your net profit or loss from your business.  You will enter your business expenses as usual to arrive at your net profit.

 

The qualified business income deduction (QBID) will reduce your income for income tax however it will not reduce your self employment income for self employment tax. See details in the link below for more details on QBID.

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