Section 199A of the Internal Revenue Code allows certain taxpayers to deduct up to 20% of their qualified business income (QBI). To qualify, a taxpayer must meet certain requirements, including having a taxable income below a certain threshold. Dentists and other healthcare professionals may be eligible for the 199A deduction if they meet the requirements.
The 199A deduction can significantly reduce a dentist's tax liability, making it an important tax break. To claim the deduction, dentists must file Form 8995 with their tax return. They should also keep detailed records of their business income and expenses.
