One of the purposes of the qualified business income deduction was to reduce the taxes on businesses who are operating in non-corporate business forms

Question

Quizplus · Accepted Answer

The qualified business income deduction (QBID) is designed to reduce the taxes on businesses operating in non-corporate business forms such as sole proprietorships, partnerships, S corporations, and limited liability companies (LLCs). This is in order to provide these businesses with a tax benefit similar to the lower tax rates available to corporations under the Tax Cuts and Jobs Act (TCJA) of 2017.

One of the Purposes of the Qualified Business Income Deduction