(LO5) Jaewoo is a CPA and operates his own CPA firm as a single-member LLC. His qualified...
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(LO5) Jaewoo is a CPA and operates his own CPA firm as a single-member LLC. His qualified business income from his accounting firm is \(\( \$ \) 555,000\) for 2023 . Jaewoo paid wages of \(\( \$ \) 162,000\) this year and the unadjusted basis of the property used in the LLC is \(\( \$ \) 400,000\). Jaewoo is married, and taxable income before the QBI deduction is \(\( \$ \) 467,000\) for him and his spouse; their modified taxable income is \(\( \$ \) 439,300\). What is Jaewoo's QBI deduction?
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To calculate Jaewoos qualified business income QBI deduction we need to consider his qualified busin...View the full answer
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