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How High Earners Can Maximize This Business Tax Deduction Before It Disappears
Expert Opinion July 03, 2024 at 04:24 PM
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What You Need To Know
- The 20% deduction for qualified business income can greatly reduce tax liability for partnerships, S corps and other pass-through entities.
- Income restrictions limit the availability of the deduction for higher-earning service businesses.
- The tax treatment is set to expire entirely after 2025 if Congress does not legislate an extension.
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