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The Qualified Business Income (QBI) deduction lets eligible self-employed individuals and pass-through business owners deduct up to 20% of their qualified business income. This deduction reduces your taxable income without requiring you to itemize. Income limits and business type affect how much you can deduct. "Specified service trades" (like law, accounting, and consulting) face additional restrictions at higher income levels. This deduction is currently set to expire after 2025 unless Congress extends it.
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