Did you know that self-employed people, like freelancers and small business owners, can get a special tax break? It's called the Qualified Business Income (QBI) deduction!
It's like a discount on your taxes. The government wants to help small businesses grow. This deduction lets you deduct up to 20% of your business profits from your taxes.
It's a pretty good deal, helping many people save money at tax time.
- The QBI deduction is for people who work for themselves.
- You can deduct up to 20% of your business profits.
- It's available until at least 2025.
| Income Limit (Single) | Income Limit (Married Filing Jointly) |
|---|---|
| $191,950 | $383,900 |
| Maximum Deduction | Availability |
| 20% of QBI | Until at least 2025 |
