Small Business Needs To Know
20% Small Business Deduction
A self-employed friend heard about this 20% business deduction and wanted more information.
I said, “okay..sit back and relax…would you like a beer?”
Friend: “The one thing you need to know is that the official name of this deduction is
the ‘qualified business income deduction’, with emphasis on the word ‘qualified’.
Your business must qualify as a legit business, like a sole proprietor (self-employed) to qualify.”
Now…another thing to be aware of is this deduction is scheduled to expire in 2025.
You ask what you can do about that?…in Georgia, you can contact one of the fourteen representatives of Congress. They have the vote to extend the deduction or, better yet, make the deduction permanent.
Another thing you need to know is you’re going to need a tax expert to guide you. Are you sure you got the write-off last year? An EA (Enrolled Agent) is your best choice to find out…to be continued…
tax cuts and job acts
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National Association of Enrolled Agents