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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 8995
for the current year.
IRS Form 8995 Qualified Business Income Deduction Simplified Computation
What Is IRS Form 8995?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 8995?A: IRS Form 8995 is a tax form used to calculate the Qualified Business Income deduction.
Q: What is the Qualified Business Income deduction?A: The Qualified Business Income deduction is a tax deduction for certain business owners.
Q: Who is eligible for the Qualified Business Income deduction?A: Most owners of sole proprietorships, partnerships, S corporations, trusts, or estates may be eligible for the deduction.
Q: What is the purpose of the Simplified Computation method?A: The Simplified Computation method simplifies the calculation of the Qualified Business Income deduction.
Q: Can all businesses use the Simplified Computation method?A: Certain businesses, such as specified service trades or businesses, are not eligible to use the Simplified Computation method.
Q: Do I need to attach IRS Form 8995 to my tax return?A: It depends on your filing status and the specific details of your business. It is recommended to consult with a tax professional or refer to the IRS instructions for Form 8995.
Q: Is the Qualified Business Income deduction available in both the United States and Canada?A: No, the Qualified Business Income deduction is specific to the United States tax system.
Q: Are there any limitations or restrictions on the Qualified Business Income deduction?A: Yes, there are certain income thresholds, limitations based on type of business, and other restrictions that may apply. It is recommended to consult with a tax professional or refer to the IRS instructions for Form 8995 for more information.
Form Details:
- A 1-page form available for download in PDF;
- This form cannot be used to file taxes for the current year. Choose a more recent version to file for the current tax year;
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- Fill out the form in our online filing application.
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