You NEED Qualified Business Income Deduction in 2023
You NEED Qualified Business Income Deduction in 2023
Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ
Qualified Business Income Tax Deduction is a free gift to business owners from the IRS to help you save tens or even hundreds of thousands of dollars on your taxes.
But unfortunately, I’ve seen it WAY too many times where business owners don’t take this deduction.
You don’t have to do anything extra in your business to take this deduction. It’s really about checking off the right box on your tax return and filling out the right form.
But this goes missed by a lot of tax preparers - costing you tens or even hundreds of thousands of dollars overpaid in taxes.
In this video, I cover:
00:00 Introduction
02:01 What is Qualified Business Income Deduction (QBID)
09:41 Real-Life Business QBID Tax Strategy
13:51 QBID Tax Strategy
The qualified business income deduction (QBID) is a game-changer for small business owners and self-employed individuals who are looking to maximize their tax savings.
It's a golden opportunity to deduct up to 20% of their qualified business income from their taxable income, providing a significant boost to their bottom line.
Whether you're a sole proprietor, a partner in a partnership, an S corporation shareholder, or an LLC member, the QBID can make a world of difference in your financial health.
☎️ Schedule your FREE Tax Advisory Session - www.TaxPlanningCall.com/
➡️If you make $10 Million or more in your business; Schedule your call here: ☎️ bit.ly/over10million
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P.S. When you sign up for Gusto, you get a $100 visa gift card 🤑
*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your own attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
Пікірлер: 24
Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ Schedule your FREE Tax Advisory Session: www.TaxPlanningCall.com
Boris, your case studies really help. I operate as a trustee for a few wealthy households, so frequently, I argue with accountants about items they missed. This video is going to be a reference point for me moving forward. You are helping many more people than the views in your video might reflect.
I am so glad that I found your channel. It was so helpful to me as a small business owner. I will be reviewing my taxes.
Overall this is a very good summary of what the QBID is. I just want to clarify a couple of points that weren't really emphasized. You can claim the QBID if you have a non-STTB business even without employees if you exceed the thresholds (and the thresholds do matter even if you are non-STTB), it just will be greatly limited based upon the amount of qualified property you have if you have any (if you have no qualified property then yes you will need employees). This deduction is pretty complicated. But very good summary.
Perfectly timed transition!!
Very helpful, thanks for clarifying!
very nice, thank you
New sub here! Very exciting!! Thank you!!
Thanks for your hard work!!!
@borismusheyevcpa
Жыл бұрын
thank you!
Another very informative video!
@borismusheyevcpa
Жыл бұрын
Glad you think so!
I am ready to work with his company. I scheduled my call.
Thanks One question do we have to remove one half of the self employment tax from the QBI or QBID? Let's say my tax is 10,000 so one half 5000. 1) QBI is 100,000 and QBID is 20,000. So, my actual QBID that I have to show on my tax return is 20,000-5000 : 15000? Or 2) 100,000 -5000 (95,000 %20)
What happens if you have QBI loss carryover on your 8995 that is ($80K) and business income Current year $50K. Is my deduction zero?
If I am solo proprietorship, self-employed. Can I take QB I ? Thank you
Is there a way to deduct a cash purchase on a property whereby you used an Ira distribution and now have to pay taxes on the IRa
I have lost so much $$$. Can you amend my taxes for the last 10 years?
@borismusheyevcpa
11 ай бұрын
You can book a call with my team here: www.TaxPlanningCall.com
@davidscott7682
5 ай бұрын
be careful paying for 10 years of amending - IRS will only reimburse for the past 3 years
Did Trump pass this in 2018?
Hey boss I went to file taxes with this one guy and he filled out the QBID section but I don’t have a small business, thanks to that though, he got me a tax return refund of 3.2k. Can this affect me negatively in the future?
@smallbeans101
5 ай бұрын
If you received a K1 or have a 1099 consolidated broker statement it's possible it may have triggered a deduction. Was it significant?
@_PicoDeGallo
5 ай бұрын
@@smallbeans101 I didn’t receive any of these forms and the deduction or business loss that was reported was 23k.