Thad, a single taxpayer, has taxable income before the QBI deduction of $194,900. Thad, a CPA, operates

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Thad, a single taxpayer, has taxable income before the QBI deduction of $194,900. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship generates qualified business income of $150,000, W–2 wages of $125,000, and $10,000 of qualified property. What is Thad’s qualified business income deduction?

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South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts

ISBN: 9780357519240

45th Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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Question Posted: May 14, 2023 04:54 AM

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Thad, a single taxpayer, has taxable income before the QBI deduction of $194,900. Thad, a CPA, operates

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To calculate Thads qualified business income deduction we need to first determine his taxable income and whether he is subject to any limitations on t...View the full answer

South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts

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