1099 CRNA Institute: Thrive as your own boss-What is Qualified Business Income (QBI)?

What is Qualified Business Income (QBI)?

Video Transcription

Video Summary

The video discusses Qualified Business Income (QBI) as a tax benefit for business owners, allowing up to a 20% deduction on income from S-corporations. Introduced in 2018, QBI can lead to significant tax savings but has limitations, especially for specified service trade or business like CRNAs. Income thresholds impact eligibility, with strategies like maximizing deductions or retirement contributions potentially lowering income to qualify. QBI can lower federal and state tax bills, offering substantial tax planning opportunities for business owners who understand and leverage its benefits. It is essential for self-employed individuals to consult with a tax professional to maximize QBI benefits and overall tax savings.

Keywords

Qualified Business Income

Tax Benefit

S-Corporations

Income Thresholds

Tax Planning