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If you were self-employed or a small business, you probably qualify for the qualified business income (QBI) deduction. We'll automatically determine if you qualify and how large the deduction is. Here's how to find out if you qualify: Open your retur... read more
The Qualified Business Income deduction (also called the QBI deduction, pass-through deduction, or section 199A deduction) was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025. With the QBI deduction, ... read more
Businesses can fully deduct the cost of: Office parties and outings held for the benefit of its employees (other than highly-compensated employees); Meals and entertainment provided to employees as compensation and reported as taxable wages; Meals an... read more
IRS Form 7004 extends the filing deadline: 5-1/2 months for Form 1041, U.S. Income Tax Return for Estates and Trusts. 6 months for Forms 1065, U.S. Return of Partnership Income and 1120S, U.S. Income Tax Return for an S Corporation. 6 months for Form... read more
The SSTB (specified service trade or business) designation reduces or eliminates the 20% Qualified Business Income (QBI) deduction at higher income levels. Because the official definition of an SSTB can be vague and open to interpretation, expanded d... read more
If you were self-employed or a small business, you probably qualify for the qualified business income (QBI) deduction. We'll automatically determine if you qualify and how large the deduction is. Here's how to find out if you qualify: Open your retur... read more
The Qualified Business Income deduction (also called the QBI deduction, pass-through deduction, or section 199A deduction) was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025. With the QBI deduction, ... read more
When entering a business asset, you'll see the screen Tell Us About This Asset/Large Purchase. The option I purchased this asset new is only for a brand new asset, not just new to you or your business. If you bought the asset used or bought second-ha... read more
The IRS does. Each depreciable asset gets placed into an asset class, and each asset class has a useful life (also called a recovery period) associated with it. For example, office furniture belongs to the Office Furniture, Fixtures, and Equipment as... read more
Straight-line is a depreciation method that gives you the same deduction, year after year, over the asset's useful life. The deduction amount is simply the asset's cost basis divided by its years of useful life. On a graph, the asset's value over tim... read more
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