Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

"Qualifications" to be a qualified trade or business and obtain deduction?

Highlighted
Level 1

I am a LLC taxed as an S-corp with my business technically being descriped as an admin/sales/project manager consultant.

Am I reading the below correct, if I interpret that my business DOES qualify for the 199A Deduction because I am married filing jointly AND make less than $315,000?

 

(Pulled from IRS q&a)

A5. A qualified trade or business is any trade or business, with two exceptions:

  1. Specified service trade or business (SSTB), which includes a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees. This exception only applies if a taxpayer’s taxable income exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers
     
  2. Performing services as an employee
Labels (1)
0 Cheers
1 Reply 1
Highlighted
Employee
Employee

@gbp127272 This forum is intended for professional tax preparers to engage in peer-to-peer discussion. This question is better suited for our TurboTax community, found here: https://ttlc.intuit.com

0 Cheers