In the tax and business entity series that I did with Peter Mcfarland, he touched on qualified business income (QBI). I wanted to do a deep dive to understand it myself! Scott Estill, a former IRS senior trial attorney and a nationally recognized tax expert, agreed to come on the podcast to educate us.
QBI is part of section 199A of the 2017 Tax Cuts and Jobs Act. If you own rental properties or a business, you'll want to understand QBI as it can provide up to a 20% deduction of your qualified business income. Like most tax laws, it's complex. Scott does a great job of breaking down QBI.
I'm not going to attempt to summarize it as it's a complex topic. Learn by listening to the podcast or watching the video recording.
Connect with Scott Estill at https://scottestill.com/