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Qualified Business Income Deduction (for dummies!)

Enacted by the 2017 Tax Cuts and Jobs Act, the Qualified Business Income Deduction (or QBID) was designed to give smaller business a tax break. Most of the resources and literature out there presents a very complicated picture of the deduction, and ignores the simple calculations that affect the vast majority of small business taxpayers. This video is an attempt to oversimplify a very complex topic. 2023 UPDATE: 2023 "Low Threshold": Ordinary Taxable Income of $364,200 for Married Filing Jointly, $182,100 for all other statuses. 2023 "High Threshold": Ordinary Taxable Income of $464,200 for Married Filing Jointly, $232,100 for all other statuses. Additional resources: IRS Publication 334: "Small Business Tax Guide": https://www.irs.gov/pub/irs-pdf/p533.pdf (being revised as of video publication date) IRS Form 8995 "Qualified Business Income Deduction": https://www.irs.gov/pub/irs-pdf/f8995... For a glimpse into how complicated QBID computations can get, click here:    • Why are Taxes So Complicated? (100th ...   For ALL the details regarding QBID, click here: https://www.nolo.com/legal-encycloped... If you want to know all about self-employment in general, click here:    • Are you self-employed? (and don't kno...   If you want to know all about self-employment tax, click here:    • What is Self-Employment Tax (and why ...   The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa The Tax Geek on Reddit: www.reddit.com/r/askataxgeek Intro and background music: “Bluesy Vibes” - Doug Maxwell - YouTube Audio Library DISCLAIMER: The information presented in this video is for informational and educational purposes only, and is not intended to render tax advice for specific situations. If you have questions about your specific tax situation, please consult the resources linked above or consult with a qualified tax professional in your community. The information contained in this video is based on tax law and IRS regulations as of the date of publication, and may be subject to change.