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Video: Qualifying Your Rental Property for QBID - Qualified Business Income Deduction

The Tax Reform changes introduced in 2018 included a new deduction for owners of flow-through businesses called the Qualified Business Income Deduction or QBID.

In a nutshell, QBID allows the owner of a flow-through business to claim a deduction equal to 20% of the flow-through income. Tucked into the legislation passed in late 2017 was a brief reference to QBID applying to rental activities. During 2019, IRS issued final rules adopting a "safe harbor" approach to guide taxpayers on the requirements to be met to qualify.

In the following 7-minute video, Robyn and Paul discuss the requirements to satisfy the safe harbor, and share practical tips on how to apply these rules to your situation, and the impact on your Personal income tax return.

Filmed at Grimm Brothers Brewhouse in Loveland, Robyn and Paul discuss and enjoy Grimm's flagship beer, Little Red Cap, a multi-medal winner at the Great American Beer Festival.

VIDEO: Apply QBID to Rentals

The 2020 W-4 Form: What Happens When the Solution Creates More Problems

Form W-4 is used by employees to determine how much federal income tax should be withheld from their paycheck each pay period. Recently, the IRS revised the form due to tax law changes that went into effect in 2018.

The old form, which asked you to report a number of withholding allowances, has been replaced by a very complicated form that requests additional information regarding income and deductions of employees and their spouse.

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