New 20% Tax Deductions for Qualified Business Income ?

qualified business income

qualified business incomeThe Tax Cuts & Jobs Act has brought a new provision in the Internal Revenue Code to provide  20% tax deduction for all self-employed or freelancers or estate or trust from a partnership, S corporation or sole proprietorship or s corporation or who have qualified business income. This is in addition to 25 self-employment tax deductions already available to freelancers.

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