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.Continue reading “What is the QBI Deduction?”
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New Homeowners
As you (hopefully) know, if you are a homeowner, you can deduct your property taxes, mortgage interest, and if applicable, mortgage insurance. You will receive a form from your mortgage company in January showing the amount of interest paid. If you’re unsure about your property tax payments, you will probably be able to look themContinue reading “New Homeowners”