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Sovcit is thinking out loud. (lemmy.world)

submitted 1 week ago by [email protected] to c/[email protected]

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[–] [email protected] 2 points 5 days ago* (last edited 5 days ago) (1 children)

2017 tax law changed this

One of the law’s changes allowed owners of pass-through businesses—partnerships, sole proprietorships, and S corporations—to deduct 20 percent of their qualified business income (QBI) when calculating their taxes.

Edit: Better source https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

~~https://www.americanprogress.org/article/the-2017-tax-bills-pass-through-deduction-largely-favors-the-wealthy-and-encourages-gaming-of-the-tax-code/~~

[–] [email protected] 3 points 5 days ago (1 children)

That 20% is not in addition to the standard deduction. It only comes into play if your total deductions exceed the standard deduction.

[–] [email protected] 2 points 5 days ago

Correct.