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What is jennifer qualified business income deduction

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Reference no: EM132145317

Question - Jennifer is a CPA and a single taxpayer using the standard deduction. In 2018, her CPA practice generates net income of $162,000 and she has no other income or losses. Jennifer's taxable income before the QBI deduction is $150,000 ($162,000 - $12,000 standard deduction). Jennifer employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice total $30,000.

What is Jennifer's qualified business income deduction?

Reference no: EM132145317

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