How the 20% business deduction works

The Jeff Trapp Podcast is winding down its year-end tax savings series with one more excellent tax strategy to help you save tens of thousands of dollars in taxes. In this episode, Jeff discusses Section 199A Qualified Business Income Deduction. This 20% deduction strategy provides you with a 20% deduction just for owning a business. This is all thanks to The Tax Cuts and Jobs Act back in 2018, which included this as a provision. Despite income thresholds and other requirements, this is an excellent tax deduction strategy to help you seriously reduce your taxes. If you own a business and are looking for more deductions before the end of 2022, you'll want to know about this. So, tune in because this is our last year-end tax strategy. To stay up to date, like, subscribe, and share our podcast. Don't forget to take advantage of our Tax Savings Master Course to learn more tax-saving strategies. You can save 75% off your registration with the promo code PODCAST2022.