How to Take the 20% QBI Tax Deduction | CPA Explains Section 199A Qualified Business Income

Find out how to lower your taxable income with the QBI (Qualified Business Income) Deduction under Section 199A of the tax code.

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The QBI Deduction is available to to business owners of Sole Proprietorships, Partnerships, LLCs, and S Corporations.

Basically, it allows you deduct up to 20% of your business income, which can turn out to be HUGE tax savings!

But there are still questions around things like:

- What is Qualified Business Income? (1:00)
- What is Specified Service Trade or Business? (SSTB): (2:07)
- What are the EXCLUSIONS for SSTBs? (3:00)
- How Much QBI Income Can You Deduct? (5:30)
- What Tax Form Do You Complete for QBI?: (9:05)

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).