Taylor, a single taxpayer, has taxable income before the QBI deduction of $190,700. A CPA, he operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship). During 2019, his proprietorship reports net income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. What is Taylor's qualified business income deduction?

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The Answer of Taylor, a single taxpayer, has taxable income before the QBI deduction of $190,700. A CPA, he operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship). During 2019, his proprietorship reports net income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. What is Taylor's qualified business income deduction?

Taylor, a Single Taxpayer, Has Taxable Income Before the QBI