Is marketing a specified service business?
While public relations, marketing and advertising businesses are not specifically identified, “consulting” is one of the services considered an SSTB and may be excluded from QBI and therefore, the deduction.
Receiving the deduction may depend on the income your business identifies as “consulting”..
Is a doctor a specified service business?
Defined as an SSTB: Medical services by individuals such as physicians, pharmacists, nurses, dentists, veterinarians, physical therapists, psychologists and other similar health care professionals performing services in their capacity directly to a patient.
What is a qualified business income?
QBI is the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business, including income from partnerships, S corporations, sole proprietorships, and certain trusts.
What is considered a specified service trade or business?
An SSTB is a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the …
What is a specified service business?
A specified service business is a trade or business to which any of the following applies [IRC Sec. 199A(d)(2)]: A. It involves the performance of services in the fields of health, law, accounting, actuarial sciences, performing arts, consulting, athletics, financial services, or brokerage services.