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For purposes of the deduction for qualified business income, what is a specified service trade or...

  1. For purposes of the deduction for qualified business income, what is a specified service trade or business and why is it important?
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Answer #1

1.Specified services includes :

- Health, atheletics

-, investment mangement , investing, financial services

- law,

-dealing in ceratin assests.

- Accounting

- Actuarial science( assessment of financial risks in insurance and finance fields using statistical methods)

-, performing arts, consulting

2. For the purpose of claiming it is important to have trade or services in above given . For individuals , trusts and estates with qualified business income may qualify for the QBI deduction. If have income from partherships , S corporations, sole proprietorships , eligible for 20% deduction.

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