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Service businesses that qualify for the 20% QBI deduction
- https://www.thetaxadviser.com/issues/2018/dec/service-businesses-qbi-deduction.html
- The threshold amounts are $315,000 for taxpayers filing jointly and $157,500 for all other taxpayers, with a deduction phaseout range, or limitation phase - in range, of $100,000 and $50,000, respectively, above these amounts. SSTBs are broken into two distinct categories: 1.Trades or businesses performing services in the fields of health, law ...
Professional Services: QBI Deduction for Specified …
- https://proconnect.intuit.com/taxprocenter/tax-law-and-news/professional-services-guidance-for-the-qbi-deduction-helps-define-specified-services/
- An specified service trade or business (SSTB) is a trade or business involving the performance of services in the fields of health, law, …
Understanding the “Specified Service Trade or Business” …
- https://www.cshco.com/articles/understanding-specified-service-trade-or-business-exceptions-to-qbid/
- There are a couple significant exceptions – first, a reduced or eliminated QBID awaits those with insufficient wages paid by and insufficient cost basis existing in property used by the trade or business. A second limitation, the topic of today’s article, is the “specified service trade or business” exception. We’ll refer to this as ...
QBI Deduction - Specified Service Trade or Business (SSTB)
- https://kb.drakesoftware.com/Site/Browse/16072/QBI-Deduction-Specified-Service-Trade-or-Business-SSTB
- A specified service trade or business is any trade or business providing services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any other trade or business where the taxpayer receives fees, compensation, or other income for endorsing products or services, for the use of the taxpayer’s …
Which Businesses Are Considered a Specified Service …
- https://www.wgcpas.com/989-which-businesses-are-considered-a-specified-service-trade-or-business/
- Specified service or trade businesses in the field of brokerage services have been narrowly defined to include only services relating to the sale of securities for a commission or fee. This opens the door for real estate agents and brokers along with insurance agents and brokers to benefit from the QBI deduction.
Facts About the Qualified Business Income Deduction
- https://www.irs.gov/newsroom/facts-about-the-qualified-business-income-deduction
- This component of the deduction equals 20 percent of qualified REIT dividends and qualified PTP income. This component is not limited by W-2 wages or the UBIA of qualified property. Depending on the taxpayer's taxable income, the amount of PTP income that qualifies may be limited if the PTP is engaged in a specified service trade or business.
SSTB & QTB question. Is a photographer considered as QTB? I…
- https://www.justanswer.com/tax/c3gka-sstb-qtb-question-photographer-considered-qtb.html
- QTB stands for qualified trade or business. A QTB includes any trade or business other than a “specified service trade or business” (“SSTB”). It also does not include the trade or business of rendering services as an employee. So if you run photographer activity as a business and not as an employee - yes - that is QTB.
What is Specified Service Trade or Business (SSTB) - Intuit
- https://proconnect.intuit.com/support/en-us/help-article/tax-cuts-jobs-act/specified-service-trade-business-sstb/L7rY6HPWf_US_en_US
- Specified service trades or businesses generally are excluded from the definition of a qualified trade or business income if the taxpayer's taxable income exceeds the threshold. Therefore, no Qualified Business Income (QBI), W-2 wages, or unadjusted basis immediately after acquisition (UBIA) of the qualified property from the specified trade or ...
26 CFR § 1.199A-5 - Specified service trades or …
- https://www.law.cornell.edu/cfr/text/26/1.199A-5
- (a) Scope and effect - (1) Scope. This section provides guidance on specified service trades or businesses (SSTBs) and the trade or business of performing services as an employee.This paragraph describes the effect of a trade or business being an SSTB and the trade or business of performing services as an employee. Paragraph (b) of this section provides definitional …
Marketing Agencies and the QBI Deduction • Chris …
- https://www.betterwaycpa.com/marketing/can-marketing-agency-owners-take-advantage-of-the-qbi-deduction/
- An SSTB is a Specified Service Trade or Business. If the QBI is from a SSTB, then the amount of the deduction is limited above the thresholds outlined above. ... or other income for endorsing products or services, (B) A trade or business in which a person licenses or receives fees, compensation, or other income for the use of an individual’s ...
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