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As an amateur, I appreciate your ability to clarify a very complex subject. I was able to get the information I need.

Another great thing to add is when you take the EA you get the results right away AND it doesn’t require the 150 credit. So you can up your value while knocking out the CPA and getting the remaining credits if applicable.

You would have to be pretty weird to do plumbing as a hobby haha

Anything with my name ,social ,date of birth anytime yall use my info im alerted yall some bums like seriously u a bum been that🤥🐍🐍🐍🐍🤔🤥🤥🤥🤥

They will claim i have bad credit but still use my information girl your name going on every police report simple 🐍🐍🐍🐍🐍🤥

Great video presentation! Does it matter if the home was refinanced or should the calculation start with the original purchase price?

Obviously CPA exam has been a pain in my ass that won't bother me any longer I have gotten my license already thanks to you Mr Dylan God bless you more cuz you made it possible for me

Passing the CPA exams is when you study hard,if you can't study or you don't have time for your studies I'd advise you get yourself a help like Mr Dylan

The best!

Can a "Board of Directors" off-site meeting (this year) to formalize a business process before actually launching the business (next summer) be written off in the following tax year - after the business has been incorporated (S-Corp)?

I heard capital losses expire after 3 years, so if you have more than 9000 in losses in the same year, you couldn't deduct more than that against ordinary income. It's possible I heard in from someone outside the U.S. You have to make sure your getting your information about the correct country.

Very inspiring, and I agree you are an excellent storyteller! I’m a career accountant with an MBA, now inspired to get my CPA. Thank you!

At the end of the video you mention the treatment of interest in the year of death and that the estate would pay the tax up to date of death and then trust. My understanding is that a revocable living trust becomes irrevocable upon death of the last grantor. In that case they would get an EIN and pay tax for the portion after death. The interest prior to death will be on the personal tax return of the deceased and not the estate return. If the account was already in the trust prior to death it is treated the same way. The probate estate is not involved. When my dad died there was a bank account in the trust with his SS number as the tax ID. Once the EIN was established after death, a new account number was assigned and tax for that year split according to date of death. There was no involvement from the estate.

If I received a payment and no K1 I would assume the trust paid the tax and if not then that error would be on the trustee and not me.

I have seen sloppy quickbooks. This video gave me so much confidence that I know what I am doing.

Touching AI - there is TaxGPT, it is not precise. Tax Research deals with laws, laws are written for being interpreted. I think AI can do straightforward return. It depends how they are programmed.

Touching AI - there is TaxGPT, it is not precise. Tax Research deals with laws, laws are written for being interpreted. I think AI can do straightforward return. It depends how they are programmed.

these numbers are all so huge...

So if a CA LLC taxed as S corp, how many tax forms are needed? Thanks!

omg thank you .. i didnt think i would ever understand this

This was my exact issue as your viewer who posed the question. Thank you very much for this video and explanation!

Thank you! Can a person register to be a S corp without LLC?

Exactly what CA forms to file? Us 568 k1 for single member LLC? Why 568 k1 even ask entity type? Tks!

I just jack hammered the like button !

I appreciate your time and effort to explain the different examples. Thank you.

In my view, that was the first mistake with the Social Security program: Benefits being mean-tested. WHY?!?

Thank you for this. I am having a really hard time trying to figure out how to do the taxes for crypto mining. The tax code makes it impossible to get ahead in crypto mining. It sounds like I need to be looking at forming an S Corp rather than the LLC.

Love how well this is explained. Thanks

38:13 actually, not completely true. Yes many H & R Blocks close their offices off tax season, but the larger ones (such as in my town) are open and staffed year-round with extension work and dealing with federal and/or state Notices. Really depends on the demographics of the area. Our office has quite a few clients that are self-employed, own residential rentals, stocks, have P-ships and S-Corp returns, for example. ALSO - I've had a number of clients who tried CPA firms but were not accepted as new clients because of the work overload. P.S. GREAT podcast! This spoke to me sooo much.

Hey question the EA exam Passkey review study books. Are the 2023-2024 version of the Individual/Business/Representation books still good to take the exam or are they outdated?

It is humorous that ChatGPT can pass a written Bar exam, but fails miserably with an accounting test. This proves that Lawyers require less professional skill than a CPA.

Is accounting a dying career field due to AI?

I understand longterm and short term capital gains, but what is the difference between short term and long term capital losses for tax purposes?

Yes I would still pay, but I shouldn’t pay! It’s not ok! If I make a mistake on the job, I will return to correct it

I am a floor installer. I make mistakes too in the measurements. I end up telling my clients that we are going to need more material. I don’t charge upfront. I get paid when the job is done. So that way I can adjust the final invoice accordingly. But I would argue, it’s not fair to have to trust an individual to pay them and then pay the irs only to later on recieve a letter in the mail saying you owe the irs more money

The government is such a complete scam. The American people are just flat out fools letting this slide. Like hey let me take a large portion of your money and later at the end of the year I’ll give it back after some time 🤦‍♂️ Not to mention your money is already taxed like 5 times.

Great

You had a really good teacher! Thank you for sharing! My English teacher changed my life as well.

It is 2:07central standard time my tax accountant. He’s not a CPA has been doing my taxes since 2018. However, I’m just finding out that he has not filed my taxes since 2020. I’ve had to file with a different company I believe that cost me $1500, they were only able to get the documents that Irs had available. I have done anything and everything I can to get my taxes from this man. He has been in big trouble before when I google him. He’s on the Internet doing this to people he will not give me back my taxes my paperwork I’ve sat his office/house for hours I have I have everything audio recorded and or in text to know what the best step that I need to do take action against this man

I bought a house at a college town before my son turns into 18, this June, It's just about $300k, How can I gift the property to my son when my son turn 18 in about 5 months later without trigger any taxes? Thank you and Have a blessed week.

Do you discourage/encourage anyone from studying Accounting and then doing the CPA at the age of 55? I have both a Bachelor and Master of Science in Clinical Psychology, have been working in Mental Health but I cannot do this anymore. Your youtube inspires me, and I have always liked Accounting that has structure and coherence. I don't intend to etire until I am 70. Thank you for sharing your video :-)

Super helpful thank you!

very clear - the only thing I would do different is the name of the service account. For example instead of Branding Income, call it Branding Services, thats what you want to see on the invoice itself.

hello , hope you're doing well, just want to say great work ,, love it , also a quick question ? can we use the expenses of schedule C in preparing small entity bookkeeping and tax calculations ?

THOT taxes 101

Please share how to add the cost segregation cost on the tax forms? Thanks! Say, earthquake retrofitting cost, how is it added to the basis and be reported on the tax forms?

NOL is more for business like LLC, partnership, and S corp? I am confused about NOL and suspended passive loss. Thank you!

Good explanation thanks

Wow best method around!! Thank you so much

Do you have a video for what happens if you sell the shares exercised through ISOs, specially how to take the adjustment for the bargain element in the year of sale of the ISOs?