If you have children that work during the summers or throughout the year, they might have to file their own Form 1040, depending upon how much money they earned. You can still claim them as a dependent even if they need to file their own tax return. Kiddie Taxes IRS Form 8615: https://youtu.be/HBIL5kqbZPE Purchase our tax guides and tutorials here: 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: 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 #IRS #Form1040 #SummerJobs 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. Thank you. ... https://www.youtube.com/watch?v=bevQGq7VZBA

The Qualified Business Income (QBI) deduction under IRC Section 199A provides a 20% deduction on certain forms of qualified income. Generally, rental real estate income is not eligible for this 20% deduction because rental real estate is treated as an investment activity and not a qualified trade or business. However, your rental real estate activities could give rise to a qualified trade or business under certain circumstances. The IRS published Revenue Procedure 2019-38 which outlines more quantitative guidance on how to qualify as a trade or business. A rental enterprise must meet the following four elements: 1. Maintain separate books & records 2. Perform at least 250 hours of rental services during the year 3. Keep logs, time sheets, and other contemporaneous records which document the hours spent on rental services 4. Attach a statement to the tax return stating the person or entity is relying on the safe harbor in Rev Proc 2019-38. Have more questions about rental real estate activities, check out our other videos below: Am I a Real Estate Professional: https://youtu.be/_t6jCf4Y1Hc Sale of Real Estate on Form 4797: https://youtu.be/wmgfRXVGZf4 Section 1231 Gains on Sale of Rental: https://youtu.be/uDzLCzRfcvk Section 1250 Depreciation Recapture: https://youtu.be/H4_Emz5vGSQ 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 Signup Bonus with M1 Finance - https://jasondknott.com/M1_Finance Open a Bitcoin IRA - https://jasondknott.com/BitcoinIRA Protect your Privacy with Nord VPN - https://jasondknott.com/NordVPN Open a Webull Stock Account - https://jasondknott.com/Webull File Taxes with TurboTax - https://jasondknott.com/TurboTax File Taxes with TaxSlayer - https://jasondknott.com/TaxSlayer Open a Wise Bank Account - https://jasondknott.com/Wise Try Amazon Prime - https://jasondknott.com/AmazonPrime ✅ 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. #RealEstateTaxes #QBI #Section199A ... https://www.youtube.com/watch?v=JvA7pGglyEw

If you received a Form 1099-NEC, you earned income as an independent contractor. Make sure to report the income on your tax return, otherwise, you will get a matching notice from the IRS. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott 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 #1099NEC 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. Thank you. ... https://www.youtube.com/watch?v=itmVbC-JAPI

Self-employed individuals are generally permitted to deduct their health insurance premiums paid by the business. If you are a sole proprietor, a partner in a partnership, or an S corporation shareholder, you can complete Form 7206 to calculate your SE Health Insurance deduction. The deduction is generally limited to the smaller of, the amount of health insurance premiums paid, or the net self-employed earnings from the business after accounting for the deductibility part of the self-employment taxes. In this example, we have a partner with medical insurance premiums reported on Schedule K-1 in Box 13 Code M and as guaranteed payments in Box 4a. For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #Form7206 #SelfEmployed #HealthInsurance ... https://www.youtube.com/watch?v=OylH0nRswWQ