Qualified Business Income Deduction

[jamesdonohoe]

I am trying to determine if my Business Systems Consulting LLC qualifies for the "Qualified Business Income Deduction". Are consulting businesses excluded?

[Critter]

The IRS defines a Specified Service Trade or Business as follows:

Specified service trade or business (SSTB) includes a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees.

More info here : 

 http://www.whitlockco.com/need-know-new-20-deduction/

[Anonymous]

even as a a Specified Service Trade or Business (SSTB), it may qualify for the QBI.    did you complete the QBI section of the schedule C worksheet.   there should be a QBI ded summary  if there is any it will appear on line 9 of 1040.

above a certain amount of taxable income there is a phase out.     for other than joint return no QBI if this is an  SSTB and taxable income equal to or greater than $207,500  double this for joint return