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Description:

This book is for preparing 2022 taxes. Many individual sole proprietorships, partners, S corporation shareholders, and some trusts and estates may be eligible for the 20% qualified business income (QBI) deduction whether they itemize or not. 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 to also qualify for the QBI deduction. Additionally, the course analyzes the pros and cons of various types of 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 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
• Summarizing the tax impact of each entity type

Product Details:

Item Number: 22331

Level: Intermediate

Authors: NATP Staff

Published: 2022

Format: Print - 216 Pages

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