Insurance Agent Qualified Business Income Deduction
Complete form 8995 or form 8995 a to claim the tax deduction.
Insurance agent qualified business income deduction. Ultimately you re going to pay less income tax because of this deduction. The strategy of separating out qbi eligible insurance business from non qbi eligible brokerage commissions and advisory fees is complicated by the fact that in recent proposed regulations on the qbi deduction the irs declared that single businesses with multiple business lines and total revenues under 25 million the entire business is. The qualified business income qbi deduction allows you to deduct up to 20 percent of your qbi. In very positive news for insurors members the final rule confirms that owners and shareholders of insurance agencies and brokerages organized as pass through entities are eligible for a tax deduction of to 20 on qualified business income regardless of taxable income level.
In sum if you report your income as a sole proprietorship which many independent agents do you might be entitled to a deduction of up to 20 of qualified business income. Owners and shareholders of insurance agencies and brokerages can take up to a 20 percent tax deduction on qualified business income no matter their taxable income levels because the irs does not.
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