John Bullis

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November 27, 2012
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John Bullis: Qualified production activities deduction is for many taxpayers

For the past few years, there has been a special income tax deduction called the Qualified Production Activities Deduction.

It is an expense against business income unless the business is being taxed as an S corporation or a Partnership, in which case the information for the deduction on the owner's individual return is found on Schedule K-1. (Each shareholder or partner computes the deduction on form 8903 and claims it on the first page of their individual income tax return).

Like most tax laws on special benefits, it is complicated. But the main item to remember is it applies to …

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The Nevada Appeal Updated Nov 27, 2012 01:55AM Published Nov 27, 2012 01:54AM Copyright 2012 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.