Description:

This book is for preparing 2023 taxes. Many individual sole proprietorships, partners, S corporation shareholders, and some trusts and estates may be eligible for the qualified business income (QBI) deduction. This course explains how to calculate the QBI deduction and how to determine if a rental activity rises to the level of a trade or business for purposes of the QBI deduction. Additionally, it analyzes the pros and cons of various entity structures available to business owners, the tax consequences of each and how to change from one entity type to another. Examples will be provided throughout the text for demonstration purposes.

Topics include:

• Identifying which taxpayers are eligible for the QBI deduction
• Calculating QBI and the QBI deduction
• Summarizing the QBI reporting requirements for pass-through entities
• Identifying businesses that are a specified service trade or business (SSTB)
• Comparing and contrasting the different entity structures

Product Details:

Item Number: 23331

Level: Intermediate

Authors: NATP Staff

Published: 2023

Format: Print - 192 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.