Qualified Business Income Deduction | QBI Tax Deductions for Small Business

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  • Опубликовано: 8 сен 2024

Комментарии • 63

  • @allupinyobiz
    @allupinyobiz  4 года назад +14

    I misspoke at 5:22 you need to meet two of the three requirements that I talk about, not one of the two.

    • @topdoglogistics1406
      @topdoglogistics1406 4 года назад

      180 Law Co. LLC I knew what you ment, we are human

    • @jragon9215
      @jragon9215 4 года назад +1

      180 Law Co. LLC if your a business owner and don’t already know about this then you shouldn’t be in business

    • @topdoglogistics1406
      @topdoglogistics1406 4 года назад +2

      Jason Borunda we all make mistakes, we are human. The quality of info that has always been put out has been great. I’ve been in business for 3 years and owe no one nothing....free and clear. I use the tax code to my Benefit like everyone should. If you have nothing good to say, the don’t say nothing.

  • @dailodai9586
    @dailodai9586 4 года назад +13

    i wish my attorney was more energetic and bubbly like you. you are one of the most pleasant attorneys around that I've seen. if you were closer to where i live id love to hire you as my attorney.

    • @allupinyobiz
      @allupinyobiz  4 года назад +1

      We are a rare breed. :-) I appreciate you!

    • @dailodai9586
      @dailodai9586 4 года назад +1

      @@allupinyobiz iam going to ask her to watch you channel so she can learn a thing or two.

  • @isaacwhite6270
    @isaacwhite6270 4 года назад +5

    Thanks for the brief intro into this. You've condensed my 2 decade business degree into manageable sound bites that are easy to understand. Instant fan!

    • @allupinyobiz
      @allupinyobiz  4 года назад +2

      Thank you for the great comment!! I love to hear that

  • @jamiemelissa1740
    @jamiemelissa1740 Год назад +2

    What if I'm an Independent Contractor, 1099-Misc? I don't own any share of the business I work for that's a small LLC, but I was always told I myself am my own "business". So would I qualify for QBI, and if so, how do you move forward in applying for that for tax purposes? I do my own taxes, and this is just more complicated, I feel like I'm just not making any money at the end of the day! More forms =more $$$... So, with that, is it even worth it?? THANKS!

  • @rickg2928
    @rickg2928 3 года назад +1

    IRS.gov does not list LLC as qualified to use QBI deduction. Additionally other RUclips tax professionals are saying you need an S-Corp to claim the QBI deduction. Am I wrong in thinking LLC’s are not eligible for QBI deduction?

  • @SaaSBae
    @SaaSBae 8 месяцев назад

    Great info!

  • @Indy4Cookie
    @Indy4Cookie 3 года назад

    very helpful. taking a tax class right now and this is a simple breakdown to introduce me to QBI.

  • @JugglingFinance
    @JugglingFinance 2 года назад

    From what I've seen, its your net profit from Schedule C, minus your self-employment tax deduction on schedule SE (then 20% of that)

  • @topdoglogistics1406
    @topdoglogistics1406 4 года назад +3

    Looking forward to seeing the video. I’ll say that 20% definitely benefits us

  • @hikersteph
    @hikersteph 3 года назад +4

    Lol I kept trying to figure out why Credit Karma wasn't giving me this deduction and then I realized it was because I'm too poor and my tax burden was already at $0 🤦‍♀️

  • @Friendlyutube
    @Friendlyutube 2 года назад

    Thank you for the video. I have a question. The money $300 I got from youtube channel is Qualified Business Income?

  • @Jerrond
    @Jerrond Год назад

    Fantastic video. Very clear & concise.

  • @BillyGoatLawnService
    @BillyGoatLawnService 4 года назад

    I will definitely get with my tax preparer to see if I qualify. Really appreciate all the informational content you post. If your interested in getting more subscribers, I can reach out to the youtube lawn care community and possibly have you be a guest on live show (video conferencing) answering common legal questions for new and existing lawncare owners. Questions such as sole proprietorship and LLC. The difference between W-2 or 1099 an employee. Liability insurance and worker’s comp. These questions are asked and debated frequently. Let me know and I will forward your information so they can contact you. Thanks again.

  • @Deepseablue372
    @Deepseablue372 2 года назад

    What if you just started a business (2021 LLC) but only have start up cost with no earned income??

  • @metakmoto
    @metakmoto 2 года назад

    Awesome video. Great explanation. Thank you!

  • @Elmnopen
    @Elmnopen 2 года назад +1

    after 8:00 you say you can carry the 20% to next year if you have a net loss this year, but how can you have ANY QBI if your expenses are more than your income? you said earlier that QBI is income AFTER expenses.

  • @JugglingFinance
    @JugglingFinance 2 года назад

    Uber drivers can take this as well.

  • @stevencairnes74
    @stevencairnes74 2 года назад

    Very great video

  • @joshmcallister8463
    @joshmcallister8463 4 года назад

    What is the difference between trust llc and holdings llc. When should you use them like with an ecommerce business and real estate business

  • @zesqcpa3
    @zesqcpa3 3 года назад

    Good job. Thanks.

  • @MA-vk1md
    @MA-vk1md 2 года назад

    Thank you for your video..I am W2 and Self Employed LLC. 2020 and 2021 I had no income for my business due to covid and some business loss. I am under that income threashold you were mentioning in your video. Turbo tax takes me to a screen that says "QBI should not have a value when no previously disallowed losses are present for regular tax purposes." Under B Schedule C Suspended Losses it says -1742. Did I do something wrong or is this for informational purposes and just continue without changing anything? Thank you.

  • @privatevideos4366
    @privatevideos4366 2 года назад

    Hey Aiden! Love your videos!! Can you do a video, sharing information specifically on LLC’s taxed as a C corporation? Related to paying yourself and taxation/deductions. Looking forward to it, thanks! Dee.

  • @KarenSanchez-nerakso
    @KarenSanchez-nerakso 4 года назад

    So, what we have to put in the line 1 of the form 8995 is the line 31 of our Schedule C?

  • @ronyjohn376
    @ronyjohn376 3 года назад

    What if I have a full time job and business income through a scorp? Would my w2 income be included in the QBI income threshold?

  • @WestForkWoodsman
    @WestForkWoodsman 4 года назад

    Thanks. Everything you said makes sense, and you just saved me $$$. :)

  • @jyang7814
    @jyang7814 4 года назад

    Great information love these videos

  • @Drake21ify
    @Drake21ify 3 года назад

    So QBI is what they are giving back to us as for a refund? Mine is -$8,517 is that the number that I would receive from the irs?

  • @normahernandez4895
    @normahernandez4895 4 года назад

    It’s a insurance broker who have an LLC qualify for QBI? Thanks

  • @dougsnyder5707
    @dougsnyder5707 4 года назад

    I have multiple rental properties, earn under $50k profit, and manage and maintain them myself. I have an LLC under my own SSN, (no EIN or TIN). Should I aggregate them all under my LLC name+SSN? Or keep each separate with its own name and no SSN/EIN?

  • @dwighttaylor5107
    @dwighttaylor5107 4 года назад

    Great information it will help me a lot.

  • @tmonique11
    @tmonique11 4 года назад

    How do you carry forward a QBI credit on a zero revenue year? How would you quantify the 20% of nothing?

    • @allupinyobiz
      @allupinyobiz  4 года назад +1

      You can carry the loss, not the deduction.

    • @Elmnopen
      @Elmnopen 2 года назад

      @@allupinyobiz then how would you apply the deduction if you had 0 profit?

  • @gwiszgetjacked1022
    @gwiszgetjacked1022 3 года назад

    killing it girl!

    • @allupinyobiz
      @allupinyobiz  3 года назад

      Thanks! 🙌 I appreciate your support!

  • @EricThomasBland
    @EricThomasBland 4 года назад

    Great information 👍🏼

  • @markskipper2199
    @markskipper2199 3 года назад

    I think you meant to say that the QBI deduction is an above the line deduction at 8:15. But who cares; you have beautiful eyes!

  • @kennydawson265
    @kennydawson265 4 года назад

    Excellent!

  • @Insuranceexamprep
    @Insuranceexamprep 4 года назад

    Here's What We Know!

  • @eri7-11
    @eri7-11 3 года назад

    I don't get it so if I made for example, $50k gross as RUclipsr Google Adsense (Sole Proprietorship) 20% ($10k) of the $50k is not taxed? So if I get a standard deduction of $12,400 then a total of $22,400 will not be taxed 22% + $4k? Thanks!

    • @furenaef
      @furenaef 3 года назад

      Also, if you pay yourself, I think they deduct another 10k from your personal?

  • @jeffkeil1595
    @jeffkeil1595 4 года назад

    Just curious, I am starting a business leasing aircraft to flying clubs in the lower 48 states. Will I need an attorney/CPA in each state that I operate in?

    • @allupinyobiz
      @allupinyobiz  4 года назад +1

      Possibly! You’ll definitely want one primary CPA and attorney in your state. Your attorney may need to work with attorneys in other states at times.

    • @jeffkeil1595
      @jeffkeil1595 4 года назад

      @@allupinyobiz thanks.

  • @majoritymedia692
    @majoritymedia692 4 года назад

    Hi, I'm hoping to gain some clarity on whether or not I can expect to get money back for my business. I got my LLC in 6/1/18 but didn't start generating revenue until 2/11/19. I'm hearing I can only expect to not pay but I can't recoup any of the expenses. Is that accurate? I've heard so many different things from different people.

    • @CraZzy3n3rGy
      @CraZzy3n3rGy 4 года назад +1

      Majority Media if you suffered losses in 2018 then you should able to carryover those losses to offset your revenue in 2019.

    • @majoritymedia692
      @majoritymedia692 4 года назад

      MountRebound thank you! Taxes are done & I carried over the losses. I appreciate the follow up though.

  • @DangerDave911
    @DangerDave911 3 года назад

    Still don't know what QBI is

  • @52ShadesofSpades
    @52ShadesofSpades 4 года назад

    Is UBER qualified for qualified business income if made under 157k ?

    • @allupinyobiz
      @allupinyobiz  4 года назад

      Do you mean the actual company UBER? Or an UBER driver? Either way, probably yes but I can't say for sure.

    • @52ShadesofSpades
      @52ShadesofSpades 4 года назад

      @@allupinyobiz yes i meant uber driver.

  • @dukesilver502
    @dukesilver502 3 года назад

    If people are researching this video they probably already know what it is and are probably just looking for how to find it

  • @Trishpage312
    @Trishpage312 4 года назад

    I'm an artist. I have 2 businesses. Face Painting and Mural Artist. I file 1040 and schedule C. I am WAY belong the threshold but wondering, I should be able to use the QBI correct? Thanks!

    • @allupinyobiz
      @allupinyobiz  4 года назад +1

      Yes, sounds like you should be able to!

    • @Trishpage312
      @Trishpage312 4 года назад

      Thanks for the reply

  • @Pure_KodiakWILD_Power
    @Pure_KodiakWILD_Power 4 года назад

    hmmmm 🤔🤔 interesting... this may be good news for me...