A Specified Service Trade or Business (SSTB) is a trade or business where the principal asset is the reputation or skill of one or more of its owners or employees.
The IRS specifies these activities as any trade or business "involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees or owners."
What are the tax benefits?
If you are in a specified service business, the Qualified Business Income Deduction begins to phase out when your income reaches $163,300 for singles and $326,600 for married filing jointly. The 20% deduction is reduced to $0 when you earn $213,300 for individuals and $426,600 if married filing jointly.
For IRS instructions for the QBI deduction, please review: