![]() ![]() To be eligible for the QBI deduction, you must have income from a qualified business that is included in your taxable income. The QBI deduction is a new deduction created by the Tax Cuts and Jobs Act (TCJA), and it allows eligible taxpayers to deduct up to 20% of their QBI from their taxable income. So sit back, relax, and get ready to master QBI with ease! Introduction to IRS Form 8995 Form 8995 is used to calculate the Qualified Business Income (QBI) deduction. In this blog post, we will break down the basics of Form 8995 and provide tips and tricks for making the calculation process a breeze. ![]() This seemingly intimidating form is actually designed to simplify your life by helping you calculate your Qualified Business Income (QBI) deduction. Are you a small business owner or self-employed individual struggling to navigate the complex world of taxes? Look no further than IRS Form 8995.
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