How to File IRS Form 8995 for Qualified Business Income (QBI) Deduction for Schedule C Business

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Certain taxpayers may be able to deduct up to 20% of their qualified business income (QBI) from qualified trades or businesses. The QBI deduction under IRC Section 199A was added as part of the Tax Cuts and Jobs Act (TCJA) in 2017.
In this example, we look at a self-employed taxpayer with a consulting business run through a single-member disregarded LLC. The Taxpayer reports the income & expenses on Schedule C and completes Form 8995 to calculate the QBI deduction.
The deduction in this example is limited based on the overall 20% limitation on taxable income before the QBI deduction.
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#QBI #Form8995 #Section199A #TaxDeductions

[@dhruvjoshi6118]

Jason thank you for explaining things like this .

[@JasonDKnott]

You're welcome! Glad it was helpful.

[@elizabethsmusicandarts1590]

THANK YOU 🎉🎉🎉

[@ahmandamahan9267]

Very helpful best video for this type of question thank you for being detailed and giving examples

[@JasonDKnott]

Glad it was helpful!

[@Ben-qh1ku]

Great video, thank to this video I completed my taxes😅

[@mmmax2g]

OUTSTANDING VIDEO! Thanks for making it...:)

[@JasonDKnott]

Glad it was helpful!

[@huberchacon7314]

Excellent explanation

[@positivevibes8302]

Thank you.

[@JasonDKnott]

You're welcome!

[@alexborton2684]

Hello, Selling goods on Amazon is a SSTB?