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Submitted By: someone
Answered: September 1, 2022 3:56 am
Answered: September 1, 2022 3:56 am
Can a minister qualify for the QBI deduction?
A minister may be eligible for the qualified business income (QBI) deduction if he or she performs weddings, funerals, or other activities the income from which is reported on Schedule C. Wages received from an employer do not qualify for the QBI deduction.
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Tax Glossary
Tax deferral
Shifting income to a later year, such as where you defer taxable interest to the following year by purchasing a T-bill or savings certificate maturing after the end of the current year. Investments in qualified retirement plans provide tax deferral.
