Hi John. LOVED your seminar in NYC last night. One question about the QBI deduction. I have seen from other sources that the deduction is the lesser of 50% wages, 25% wages plus 2.5% assets, or 20% QBI, but you said yesterday 20% taxable income minus LTCG. Could you please confirm that you are right?
It's also the lower of 20% of taxable income.
If you look through the other slides we did not cover, QBI is adjusted by a number if things: LTCG, gains and losses on asset sales... Guy
When will be there another webinar on 2017 tax update and the new 199(a) regsTax Practice Pro Inc responded on 01/16/2018 Next question
Attended the CTSEA seminar, I am unclear if a C Corp personal service firm would be eligible for the 21% new tax rate. If not, would the firm be taxed at the previous rates.