$25.00 
Learn more
Submitted By: someone
Answered: November 19, 2018 10:20 pm
Answered: November 19, 2018 10:20 pm
Where on Schedule C is the qualified business income deduction taken?
The qualified business income (QBI) deduction is not a business deduction; it does not appear on Schedule C or any other business tax return. Instead, it is a personal deduction on Form 1040 that is subtracted after reducing adjusted gross income by the standard deduction or itemized deductions.
advertisement
Featured Books
Tax Glossary
Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
