QBI - how it works

[HelenaC]

Yes, you're required to report all income and all expenses. The Qualified Business Income deduction is based on net income (income less expenses) but not self-employment tax.

Related Information:

• Do I qualify for the qualified business income deduction?
• How will tax reform affect my 2018 federal tax return?
• Do I need to incorporate to get the qualified business income deduction?
• What is the Qualified Business Income deduction?