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February 2, 2025
Question

Is this activity a qualified trade or business under Section 199A?

  • February 2, 2025
  • 1 reply
  • 0 views

I am filing my taxes for the first time, with my sole prop. business. It is in candle making.

I am not sure if this qualifies or not, can someone assist? 

    1 reply

    February 2, 2025

    Yes, your business would qualify as a trade or business under Section 199A. This section allows most self-employed individuals and small business owners to exclude up to 20% of their qualified business income from federal income taxes.

     

    Here's a TurboTax Help Article with more information on this topic.