Petition for QBID

The Qualified Business Income Deduction, a tax cut that was part of the 2018 Tax Cut and Jobs Act, is set to sunset in 2025.

It’s a little more complicated than I’m going to describe it since there are phase-outs and limitations, but in general - this is a 20% deduction that is applied to either a Sch C or pass-through business’s net profit, lowering their taxable income by 20%. This was passed in order for these businesses to benefit from a tax break alongside corporations who had their rates slashed from 35% to 21%.

NFIB (National Federation of Independent Business) currently is lobbying to extend this tax break - and has a petition with over 25,000 signatures - and is looking to add more if you’re interested.