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Hey Jason, great video. I've been struggling to complete my 1040NR to claim back a 30% withholding on gambling winnings. This video has helped me greatly but I do have one question. The 1040NR asks for my Identifying Number, however, I will be filing for my ITIN (W-7) alongside filing my 1040NR. Can I just leave the Identifying Number box blank? And will this be completed by the IRS once my ITIN is issued? Also, on the W-7 under the reason for submitting. Can I select 2 boxes? I.e. NR needing an ITIN to claim tax treaty benefit and NR needing an ITIN to file a US tax return? Thanks!

Is a real estate appraiser considered to be a real estate professional?

Where to enter $5000 from form 8621 on 1040 return? Should it be also entered under interest section on Sch B? But it is shown there on the video.

I really want to tell you thank you for taking the time to share this information with us, you are a blessing 🙌

How to file sales include low tax and hi tax? Example: Total sales = $10,000 Food Sales (Low Tax) = $7000 Tobacco Sale (Hi Tax) = $3000

1120S page 1, ordinary busines income does not include health insurance deduction on line 18. Can anybody verify which line is the health premium deduction $2000 on 1120S?

M1, does net income per book $12,209 reconcile with net income $13,340 per tax return?

Ty

Your videos are very useful.

you have no idea how much this helped me thank you so much

Would a real estate appraiser be considered a professional?

This is the best explanation I've ever heard. Thank you!

Can you tell me where you would handle rollover losses of previous years? Thank you.

Does 1120S form include QBI deduction line?

I have a question related to 1120S QBI. is it 20% of net income of 28,596? or 20% of gross profit 221,918 -wages (both ee and officers 142,000+18,500) ?

Very useful! Cleared the doubts for 1116 schedule B. Thanks 🎊

Thanks

"unrecapture" is to the extent to SL depreciation amount. "recapture" is the the amount excess SL deprecaiton ?

I received my sales tax certificate in June and received mail saying I had to file a return in July but but hadn't made any taxable sales with my company within those 2 months yet am I still required to file? I just recently went through my mail and found the form.

Can you help with line C and the new 2% Commercial rents from 4.5% the form online always tells me that my figure and discretionary are not enough?

if an ss-4 for an llc is filed indicating 2 members but only one becomes an owner and files activity on schedule c of form 1040 is notification to irs required

How do we count tips if given informally at work like, as a cashier/waiter a customer gives us tips.

In the Publication 519 (2023) says: Foreign‐owned domestic disregarded entities. If a foreign person wholly owns a domestic disregarded entity (DE), the domestic DE is treated as a domestic corporation separate from its owner (the foreign person) for the limited purposes of the requirements under section 6038A that apply to 25% foreign‐owned domestic corporations. The foreign-owned domestic DE must file a pro forma Form 1120 with Form 5472 attached by the due date (including extensions) of the return. The only information required to be completed on Form 1120 is the name and address of the foreign-owned domestic DE and items B and E on the first part. A foreign-owned domestic DE may have had a reporting requirement before 2017 if it had a U.S. trade or business or other activity that otherwise required reporting. See the Instructions for Form 5472 for additional information and coordination with Form 5472 filing by the domestic DE. Also note that because the domestic DE is generally a transparent entity, the foreign person will include (or continue to include) on Form 1040-NR any of the domestic DE's tax items that are subject to reporting. A DE (foreign or domestic) may also have a separate reporting requirement related to employment or excise taxes. See Regulations sections 301.7701-2(c)(2)(iv) and (v). In the minute 8:10 you have said that one has to be careful because you are filing 1120. But according to the law, 1120 must be filled anyway by any disregarded entity, since it's treated by default as a domestic corporation separate from its owner.

How about not allowable loss of $3821? Does it treat as carryover loss for the coming year? So part VIII(b) is the data needs to enter for at line 2 (c) on 8582 for the current year return?

The first one to mention how to categorize taxes paid for general wages. Every other video skimmed over this central detail.

Thank you for this video!

I’ve been wondering how this works so here goes my question. I am planning to order a Tesla this week and unsure if I qualify for the $7500 credit at the point of sale based on the eligibility requirements. The IRS regulations state that one can use the lower MAGI from the current year tax filing (2024 for 2023 income) or the previous year (2023 for 2022 income) to determine if a household meets the threshold. But on the Tesla website it only asks for the most recent year tax filing. However only the AGI for the 2023 1040 meets the income requirement. Would it be OK to state that I meet the eligibility requirements on the Tesla payment page?

I was told that limited partners are silent partners only, yet you put them as limited active partners. Would you clarify?

Where did the $7200 come from Admin Staff?

How do you determine the "corpus" amount that is required to be reported on Form 5227 Schedule A Form?

My name is too long for me to finish my EIN application, is that a problem?

Informative😊

Thank you! Just straight to the point and not some person who loves the sound of their voice or seeing their face to a absurd amount.

“If we have Real Estate Taxes Commercial , do we need to include it in the gross sales income ?

Got a question, Can I list the Corporation and their info in box 1 and my Trust/ ESTATE in box 2 as Representative, and the plan number box list the the acct # I have with the Corporation? Thanks

THanks for the info! Can we sign and fax the form to the IRS instead of mailing it?

How does the FBAR filing work for married filing jointly who have separate financial account?

I dont under stand is it $18,000 or is it the Lifetime IRS Gift Tax Exemption amount?

Can an individual file a 1099NEC for roof replacement for $16,500 to a roofing contractor in Rockwall Texas

Hi. Would he owe self-employment tax if the profit was reported on Schedule C? Thank you.😊

Grace be to you for helping with what the IRS makes ridiculously complicated. What the controllers do to the joy of gift giving.

My multimember LLC is becoming a single member LLC. This conversion will take place in alignment with the tax year, so no partial year tax returns will be required. The multimember LLC has been taxed by default as a partnership. I want the single member LLC to be taxed by default as a disregarded entity. Do I need to file form 8832, even if both entities will have the default tax status? Thank you.

I need to submit a "signed copy of my income tax return". My tax return is comprised of several Forms, Schedules & Worksheets. Which Pages should I submit? For example, just the 1st 2 pages of Form1040, or do I include the Reconciliation Worksheets associated with Form1040 also? Other Forms I have are: 8879, 8938, 2555.

Jason, what do you do if a client comes to you and don’t know what their basis is in the company?

What a great human. Thanks man!

if basis was $0 at the beginning of 2021, there is a $46k carryover from 2020 (thanks covid), 2021 K-1 shows S20k QBI and there is nothing else to account for.. correct me if im wrong please.. Basis sets back to $0, new carryover will be $26k for 2022, I will not get the QBI deduction and QBI is now $0 after deducting the allowed carryover? this is where i start to get confused. and then I cant figure out if i write off the $20k of allowed losses on my 1040 somewhere or Schedule E line 41 and Schedule 1 line 5 show $0 of business income and I leave it at that? or both? i assume the carryover just cancels out any QBI and any QBI deduction so I will be claiming $0 of business income which leaves only W2 wages.

Thank you for your help!

You didn’t go over what I was needing- need help with 1&2

Hello Jason! A Great video and so helpful. What about if Emma would choose a LLC (sole proprietorship) instead of the C Corp? How would that affect taxes? Thanks a lot!

Thank you so much. You saved me a decent amount of money by helping me complete the form myself!