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Schedule 1299 B Income Tax Corporate  Form

Schedule 1299 B Income Tax Corporate Form

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section 199a of the tax code says taxpayers can deduct up to 20 of qualified business income or qbi this applies to income you receive from your sole proprietorship partnership llc or s corporation the only business on any type that does not qualify is the c corporation so what is qualified business income is profit you receive from your business excluding things like capital gains dividends and wage income it's a 20 deduction so if your qbi is a hundred thousand dollars you'll get a 20 000 tax deduction and you get that deduction whether or not you itemize

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