Peter owns and manages his single-member LLC that provides a wide variety of financial services...
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Accounting
Peter owns and manages his single-member LLC that provides a wide variety of financial services to his clients. He is married and will file a joint tax return with his spouse, Marta. His LLC reports $300,000 of qualified business income, W2 wages of $120,000, with qualified property with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $285,000 (this is also their modified taxable income).
Determine their QBI deduction for 2022.
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