In this video tutorial, I cover all of the steps to file a simple Form 1120-S for the 2022 tax year. The sample company is a Corporation operating a restaurant in Florida. The corporation is owned by two individuals (John & Jane). John acts as merely an equity investor (not an active participant) while Jane serves as the company CEO and manager of the business. The corporation Form 1120-S covers the following elements: 1. Two shareholder corporation taxed as an "S" corporation for federal tax purposes (company filed Form 2553) 2. Complete the full Form 1120-S (Pages 1 through 5) 3. Form 1125-A for Cost of Goods Sold (COGS) 4. Form 1125-E for officer compensation 5. Form 4562 for Bonus Depreciation 6. Schedules K-1, K-2 & K-3 7. Basis worksheets for Shareholders 8. De minimis safe harbor elections Treas Reg. 1.263(a)-1(f) For other form tutorials that might be applicable to your return, check our videos here: S Corp Health Ins: https://youtu.be/eX4HcEvEtk8 Schedule B-1 Disclosure: https://youtu.be/lpHos4BcMgA Form 8869 Q Sub Election: https://youtu.be/90MhuuviXCw How is Income Allocated? https://youtu.be/v5Pn6oHdBvo S Corp Debt Forgiveness: https://youtu.be/60NldMgiRwY S Corp Restricted Stock: https://youtu.be/Xx6bZwECBCI Deducting Business Gifts: https://youtu.be/MX8WxeUiEx4 Did your S corp election terminate? https://youtu.be/hAcGsoElcRI Form 1120-S with No Activity: https://youtu.be/ihQgUVEkUqY S Corp Tax on Net Passive Income: https://youtu.be/Wcud8q5fXgQ Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #Form1120S #Scorporation #Taxes #IRS ... https://www.youtube.com/watch?v=92k07jVR7vk

How to file your taxes with TurboTax? In this video, I cover how to enter the home office deduction for a Schedule C self-employed person. Specifically, we review the home office deduction using actual expenses for a business owner that rents his single-family home from a landlord. Under the simplified method for 2022, a business can claim $5 per square foot up to a maximum of 300 square feet for their home office. In other words, the maximum deduction allowed is $1,500 even if the size of your home office is greater than 300 square feet. Using actual expenses, a person can deduct a percentage of their total indirect costs and 100% of the actual direct costs related to the home office. We encourage taxpayers to review the rules outlined in IRS Publication 587 for Business Use of Home. For other TurboTax 2022 tutorials videos, please see the following playlist: https://youtube.com/playlist?list=PLTdpzKOWNutR37Kg7O9ErbaiwmsDUDJte Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ AFFILIATE LINKS Open an LLC with Inc File: https://jasondknott.com/IncFileCompanyLLC Protect your Privacy with Nord VPN - https://jasondknott.com/NordVPN ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #TurboTax #TaxRefund #HomeOffice #Form8829 ... https://www.youtube.com/watch?v=jXG2cPqNAvg

Is the Child Tax Credit (CTC) or Earned Income Tax Credit (EITC) impacted by unemployment or welfare benefits? In this video, I address some of the common concerns families have regarding the interaction of the CTC and other federal and state programs. Unemployment compensation is generally included in gross income and subject to taxes, but it doesn't necessarily impact your ability to claim CTC or EITC. Unemployment compensation is NOT earned income, so it cannot be used for the earned income computation on Form 8812 or with the EITC tables. When calculating your income & assets for purposes of applying for SNAP benefits, the EITC and CTC amounts are excluded. The EIC is available to taxpayers with or without children, who have earned income during the 2022 tax year. Earned income includes W-2 wages as an employee, as well as self-employed income reported on Schedule C. The Additional Child Tax Credit (ACTC) is the refundable portion of the Child Tax Credit (CTC). The CTC is generally a nonrefundable tax credit which is a dollar-for-dollar reduction in the taxes owed. If, however, the total tax is reduced to zero, and the entire amount of the CTC has not been utilized, there may be a refundable portion under the ACTC. In order to claim the ACTC, the taxpayer must have greater than $2,500 of earned income to realize any benefit. The ACTC must be completed on Form 8812 in Part II-A and is limited to $1,500 per child. Child tax credit amounts for the 2022 tax year changed from 2021. Under the American Rescue Plan of 2021, the CTC was increased to $3,000 or $3,600 per child, depending upon the child's age. The increased amounts expired, meaning the credit amounts reverted back to the 2020 year amounts. The child tax credit is now $2,000 per child under the age of 17, with income phaseouts starting at $200,000 for single filers and $400,000 for married filing joint taxpayers. The CTC is claimed on IRS Form 8812 and attached to the taxpayer's Form 1040. Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #ChildTaxCredit #EIC #Form1040 #Form8812 ... https://www.youtube.com/watch?v=asFRGvFOoHY

Every U.S. business entity should apply for an EIN shortly after formation. The EIN is critical to open bank accounts, file tax returns, and complete withholding certificates. It is not uncommon for the name assigned to the EIN to not match exactly with what was filed in the articles of organization with the state. The IRS does not allow certain characters to be included with the name. Purchase our tax guides and tutorials here: https://gumroad.com/jasondknott https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Taxes #EIN #LLC ... https://www.youtube.com/watch?v=vK0QXaEHokI