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I have a massage business with only me as an employee with no 1099's involved. Does that qualify as Qualified Business Income?
Massage Business-no employees other than myself. I don't 1099 others and this year no one has 1099'd me.
Yes. The new section199A - Qualified Business Income Deduction (QBI), is available to most self-employed taxpayers and small business owners can exclude up to 20% of their qualified business income from federal income tax (but not self-employment tax) whether they itemize or not. TurboTax will automatically calculate the deduction for you.
For more information about the deduction, please see the following TurboTax FAQ. https://ttlc.intuit.com/replies/7019998
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