Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Business Owners: Why Is the QBI Deduction So Important? #SmallBusinessTax

Name: Painting Business Owners: Why Is the QBI Deduction So Important? #SmallBusinessTax
Uploaded: 2025-02-19T14:15:01+00:00
Duration: 40 s
Channel: Daniel Honan
Description: The QBI deduction lets painting business owners and other small-business operators write off up to 20% of their income. It was set to expire in 2026, but…

19 Feb 2025 · 1 min

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The QBI deduction lets painting business owners and other small-business operators write off up to 20% of their income. It was set to expire in 2026, but keeping it could save thousands in taxes annually for sole proprietors, LLC partners, and S-corp shareholders.

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Another business benefit is going to be the continuation of the Qualified Business Income deduction, or the QBI deduction, or if you're an accountant, it's the Section 199A. This is a direct write-off of up to 20% of your self-employment or small business income. This is a huge boon to people who have businesses. This applies to sole proprietors, partners in an LLC, S corp shareholders, it is a very substantial tax savings that was supposed to go away in 2026. So we're really happy to see that that might be sticking around. We certainly hope so.