Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice
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Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice generates net income of $162,000 and she has no other income or losses. Jennifer's taxable income before the QBI deduction is $150,000 ($162,000 – $12,000 standard deduction). Jennifer employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice total $30,000. If amount is zero, enter "0". a. What is Jennifer's qualified business income deduction?
Related Book For
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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