Qualified Business Income Deduction (QBID) for 2025
What Is the Qualified Business Income Deduction? The Qualified Business Income Deduction (QBID) allows eligible business owners to deduct up to 20% of their net business income from sole proprietorships, partnerships, S corporations, or certain trusts and estates. It’s available through 2025 under the Tax Cuts and Jobs Act (TCJA) unless extended by Congress. IRC […]
Adjusted Gross Income (AGI): What It Means for Your 2025 Tax Return
What is Adjusted Gross Income (AGI)? Adjusted Gross Income (AGI) is your total gross income for the year, minus specific deductions (also known as adjustments). It’s the starting point for calculating your federal income tax liability. Why AGI Matters for Taxpayers AGI determines: Your eligibility for tax credits (like the Child Tax Credit, Lifetime Learning […]