ToolBox CS
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Based on legislation passed in the Tax Cuts and Jobs Act, the Qualified Business Deduction calculates the new 20% deduction for qualified business income (QBI) for a single business activity.
| Field | Input |
|---|---|
| Filing Status | Married Filing Joint |
| Professional Services | Yes |
| Business Income | 125,000 |
| W-2 Wages | 26,000 |
The qualified business deduction is $10,085.95.
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