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New Member
posted Jun 3, 2019 11:46:09 AM

Does the standard or itemized deduction taken into account in figuring the qualified business expense deduction?

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1 Replies
Expert Alumni
Jun 3, 2019 11:46:13 AM

Yes, the deduction amount depends on the taxpayer's total taxable income, which includes wages, interest, capital gains (etc.) in addition to income generated by the business. Once the taxable income reaches or exceeds $157,500 ($315,000 if filing jointly), the type of business also comes into play.