For the tax year 2023, Nate (single) is a self-employed lawyer. His business has a qualified business income of $74,000 for 2023. He paid his employees' wages of $31,000 and had $68,000 of qualifying property. His total taxable income is $147,000. How much can Nate claim as QBI deduction?

Answer rating: 100% (QA)

To calculate Nates Qualified Business Income QBI deduction we need to follow the QBI deduction calcu... View the full answer