Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. thad, a single taxpayer, has taxable income before

Thad, a single taxpayer, has taxable income before the QBI deduction of $198,500. Thad, a...

80.2K

Verified Solution

Question

Accounting

Thad, a single taxpayer, has taxable income before the QBI deduction of $198,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2018, his proprietorship reports net income of $158,800, W2 wages of $119,100, and $9,200 of qualified property.

If required, round any division to two decimal places. Round your final answer to the nearest dollar.

What is Thad's qualified business income deduction?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students