Question: Please show all steps on how to get answer. Thad, a single taxpayer, has taxable income before the QBI deduction of $193,300. Thad, a CPA,

Please show all steps on how to get answer.

Thad, a single taxpayer, has taxable income before the QBI deduction of $193,300. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2020, his proprietorship generates qualified business income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. Assume the QBI amount is net of the self-employment tax deduction.

What is Thad's qualified business income deduction?

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