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with Kris J. Thiessen

New Qualified Business Income Deduction: Section 199A

Learning Objectives:

  • What is Section 199A? 
  • Qualified Business Income (QBI)
  • Qualified Business Income Deduction (QBID)
    • Taxable Income Limitation 
  • Non-Service Business 
    • Wage & Qualified Property Limitation 
  • Specified Service Trade or Business 
    • Reduction Ratio Limitation 
  • Planning Opportunities 
  • Conclusion 

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Course Overview

Course Details
  • Level: Beginner
  • Cost: Free
  • Field of Study: Taxes
  • Advanced Prep: None
  • Credit Type: CE & CPE
  • Credit Hours: 1
Course Description

The new Qualified Business Income Deduction (Section 199A), created as part of the Tax Cuts and Jobs Act of 2017, may offer meaningful tax savings for entrepreneurs, small business owners, and recipients of income from pass-through entities. This case-based course covers the mechanics of calculating 199A Qualified Business Income (QBI) and the QBI Deduction, limitations, tax planning opportunities, and scenarios that illustrate how it can be utilized and optimized to lower the tax burden of qualified taxpayers.

In this free course, you will learn the necessary facts about section 199A, such as: 

  • It is a new Internal Revenue Code provision
  • It creates a new qualified business income deduction
  • It applies to tax years starting on or after January 1, 2018
  • It sunsets after 2025
  • The deduction can be up to 20% of Qualified Business Income (QBI)
  • It is a reduction in Federal taxable income but does not affect Federal adjusted gross income (AGI)
  • The types of income that are not QBI, such as partnership, S corporation, investment, and others
  • Much more

If a client asks you, “How do I report section 199A dividends?” we want to help you have an effective answer that will serve your client and build your business reputation. The IRS has released the proposed regulations about 199A Qualified Business Income but not the desired forms and instructions. Many tax professionals still need specific guidance and best practices. Take this free course from Canopy Tax to help your clients with Section 199A. 

 

Enroll now in my New Qualified Business Income Deduction: Section 199A Course        

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    Course Details