QBI stands for qualified business income and it is a tax deduction for the self-employed. You can be a schedule C person or a member of a partnership, LLC, or S-Corp. You can also get it as an active manager of rental real estate. The deduction is generally 20% of your net profits from self-employment. It reduces your income tax, but sadly, not your self-employment tax. It is new for 2018 and it exists to make things “fairer” in the context of the reduction in the corporate tax rate.