Submitted By: someone
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.

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Tax Glossary

First-year expensing (or Section 179 deduction)

A deduction of the cost of business equipment in the year placed in service.

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