I am a backpacker (noun). That is, I regularly hike or travel carrying everything I may need in a backpack. I go backpacking (verb) because I love being outside and exploring areas best seen on foot. I am also a CPA (nerd) and I am forced to spend extended periods of time indoors in an office. I love backpacking. I also love (love-hate) my profession – especially when I get to help others improve their financial quality of life. It feeds my soul to be able to turn off the spreadsheets, throw on my backpack and head into the wilderness.
The Treasury Department has issued proposed guidance that clarifies eligibility for the Qualified Business Income, or QBI, deduction under Internal Revenue Code Section 199A. Prior to the proposed guidance, there was some confusion over whether insurance brokers would be considered a specified service business, subject to additional QBI deduction limitations. Treasury has proposed that the full 20 percent deduction for pass-through businesses be made available to a broad spectrum of small businesses, including insurance agents and brokers. This is welcomed news.