Not So Boring CPA
Not So Boring CPA
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Schedule K-1 - Step-by-Step Guide to Tax Software Success [ Drake Tax, Proconnect and CCH Access]
Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com
In this video I will go over how to enter K-1 Schedule in any tax software using Drake Tax, CCH Tax and Procnnect as example. Schedule K-1 from 1065 walkthrough. I will provide an in-depth tutorial on entering K-1 form information into tax software programs like Drake Tax, ProConnect, and CCH Axcess. I will explain the significance of accurately reporting items such as ordinary business income, rental income, and deductions, and clarifies the distinction between passive and non-passive income and walk through the entry process, emphasizing the importance of precision to ensure proper tax filing.
Introduction to K-1 Entry (00:00:00)
Overview of K-1 entries, tax software, and the purpose of the video.
Basic K-1 Form Overview (00:01:06)
Explanation of K-1 form components and importance of accurate entry.
Common K-1 Items (00:02:06)
Discussion on ordinary business income, rental income, and QBI deductions.
Entering Information in Tax Software (00:03:14)
How to enter K-1 data into Drake Tax and its implications for passive income.
Passive vs. Non-Passive Income (00:04:19)
Clarification on classifying income as passive or non-passive for tax purposes.
Tracking Passive Losses (00:06:57)
Importance of tracking passive losses and their implications for tax returns.
Investment Income from K-1 (00:08:21)
How to report various types of investment income on tax forms.
Entering Royalties in Tax Software (00:10:49)
Instructions for entering royalty income using different tax software.
Section 179 and Self-Employment Income (00:14:12)
How to report Section 179 expenses and self-employment income.
Tax Exempt Interest and Distributions (00:17:08)
Reporting tax-exempt interest and understanding distributions from K-1.
Using Partner Instructions for K-1 (00:20:13)
How to utilize partner instructions for accurate K-1 reporting.
Gross Receipts Test (00:22:39)
Explanation of the gross receipts test and its relevance for tax filings.
Business Interest Expense (00:23:54)
Clarification on reporting business interest expenses from K-1.
Foreign Tax Credits (00:25:00)
Importance of entering foreign taxes paid and related forms for credits.
- Overview of K-1 form and its purpose in tax reporting.
- Importance of accurately entering K-1 information into tax software (Drake Tax, ProConnect, CCH Axcess).
- Common items found on the K-1 form, including ordinary business income and rental income.
- Distinction between passive and non-passive income and its implications for tax reporting.
- Reporting K-1 income on various tax forms (Schedule E, Schedule B, Schedule D).
- Detailed walkthrough of entering K-1 entries line by line in tax software.
- Importance of accuracy and consistency in reporting K-1 information.
- Discussion of additional K-1 items such as royalties, Section 179 deductions, and tax-exempt interest.
- Significance of reviewing footnotes on the K-1 form for critical tax information.
- Encouragement for tax preparers to seek further resources and insights on tax preparation.
#taxpreparer #taxpreparation #cchaxcesstax #cch #proconnect #proconnecttax #draketaxsoftware #draketax #1065
Переглядів: 185

Відео

EFIN application - apply in October to start tax preparation business in 2024
Переглядів 28514 днів тому
Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com In this video, Kat, a CPA and tax preparer with over 12 years of experience, provides a comprehensive guide on starting a tax preparation business. She emphasizes the importance of obtaining an IRS EFIN (Electronic Filing Identification Number) for e-filing tax...
Step-by-Step Guide to Amending Tax Return in Any Tax Software [Drake Tax 2024 Example] 1040-X
Переглядів 20321 день тому
📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com How to Amend a Tax Return: Step-by-Step Guide & Software Tutorial In this video, Kat, a seasoned CPA, explains when, why, and how to file an amended tax return to possibly save your clients money. Kat covers both the theoretical aspects and provides a practic...
Standard Mileage vs Actual Expenses - which is better?
Переглядів 166Місяць тому
In this video, we break down everything you need to know about claiming mileage tax deductions for your business vehicle. We’ll cover: 🚗 Who can claim the mileage deduction 📉 Standard Mileage Rate vs. Actual Expenses Method ✅ Pros and Cons of each method 🔍 IRS limitations and rules Whether you're self-employed, an independent contractor, or a business owner, understanding these methods can help...
ProConnect Tax Software Training - How to Prepare Business Tax Return 1065 in ProConnect [2024]
Переглядів 425Місяць тому
How to use ProConnect and prepare Business Partnership Tax Return in ProConnect Tax Software. In the end of the video you should be able to prepare the the business tax return in Proconnect Tax Software. #proconnect #businesstaxes #taxpreparation #taxsoftware Pronnect Tax Bootcamp - www.remotecpainla.com 🔗Useful Links: 🌐 Website: www.remotecpainla.com 📋 Enroll In My Course - Individual and Busi...
Taxslayer Pro tax software review [2024]
Переглядів 2532 місяці тому
This video is the general overview of Taxslayer Pro tax software review. I will go over the interface of the tax software the pricing and provide with my opinion on the Taxslayer Pro tax software. Please watch more video on how to become tax preparer and learn to use different tax softwares. #taxslayer #taxslayerpro #taxsoftware #taxpreparer Useful Links: 🌐 Website: www.remotecpainla.com 🌐 Cpax...
Estimated Taxes - Underpayment Penalties are they worth paying?
Переглядів 1242 місяці тому
Overview: In this comprehensive video, we break down the fundamentals of quarterly estimated tax payments for 2024. You’ll learn who is required to make these payments, important deadlines, calculation methods, and the potential consequences of underpayment or late payment. We also evaluate the financial practicality of making estimated tax payments in the current economic climate with prevaili...
How to record Sale of Asset in CCH Access Tax Software (Sale of Rental)
Переглядів 2443 місяці тому
This video is about How to record Sale of Asset in CCH Access Tax Software. 🔗Useful Links: 🌐 Website: www.remotecpainla.com 📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers :www.remotecpainla.com Contact info: ✅Email for any questions: kateryna@remotecpainla.com ✅Schedule strategy call : www.remotecpainla.com ✅LinkedIn: kateryna k...
Tax Preparation Engagement Letter : Must-Haves
Переглядів 1933 місяці тому
New tax preparation course on different tax softwares: www.remotecpainla.com In this video, we dive into the essentials of creating effective tax preparation engagement letters. Learn how to establish clear boundaries with your clients to ensure smooth tax return preparation. Here's what we'll cover: 1. What You're Going to Do: An overview of the tax return preparation process. 2. What You’re N...
MY STORY: From Waitressing to Big 4 Consultant to 6-Figure CPA Freelancer
Переглядів 2973 місяці тому
MY STORY: From Waitressing to Big 4 Consultant to 6-Figure CPA Freelancer
S corp Tax Return Preparation Walk Through for Beginners ANY SOFTWARE - Proconnect Tax Example
Переглядів 1,1 тис.3 місяці тому
S corp Tax Return Preparation Walk Through for Beginners ANY SOFTWARE - Proconnect Tax Example
How to become Tax Preparer with No Experience
Переглядів 6 тис.4 місяці тому
How to become Tax Preparer with No Experience
9 Step Onboarding Tax Clients Process to land Your DREAM Client
Переглядів 5324 місяці тому
9 Step Onboarding Tax Clients Process to land Your DREAM Client
How to account for accrued interest, original issue discount and amortized bond premium adjustments
Переглядів 1894 місяці тому
How to account for accrued interest, original issue discount and amortized bond premium adjustments
CCH Access Tax Software Demo: Tax Preparation Bootcamp Individual Return in 1 hour [2024]
Переглядів 1,2 тис.4 місяці тому
CCH Access Tax Software Demo: Tax Preparation Bootcamp Individual Return in 1 hour [2024]
A guide to paying Quarterly Estimated Tax Payments: What They Are and Who Needs to Make Them in 2024
Переглядів 3085 місяців тому
A guide to paying Quarterly Estimated Tax Payments: What They Are and Who Needs to Make Them in 2024
Post-Tax Season Review: Boost Next Year with These Tips!
Переглядів 1475 місяців тому
Post-Tax Season Review: Boost Next Year with These Tips!
Why April 15? The Surprising History of Tax Day!
Переглядів 1695 місяців тому
Why April 15? The Surprising History of Tax Day!
Entering Prior Year Carryovers in 2023 Lacerte Tax Software: A Must-Watch Guide!
Переглядів 5096 місяців тому
Entering Prior Year Carryovers in 2023 Lacerte Tax Software: A Must-Watch Guide!
Avoid Late Filing Fees: File Business Extensions Free Online
Переглядів 3936 місяців тому
Avoid Late Filing Fees: File Business Extensions Free Online
Top 6 mistakes I discovered reviewing the tax returns this week
Переглядів 4316 місяців тому
Top 6 mistakes I discovered reviewing the tax returns this week
Entering Prior Year Carryovers in 2023 Drake Tax Software: A Must-Watch Guide!
Переглядів 1 тис.7 місяців тому
Entering Prior Year Carryovers in 2023 Drake Tax Software: A Must-Watch Guide!
From CPA to YouTube Star: Gaining Confidence On-Camera!
Переглядів 1157 місяців тому
From CPA to UA-cam Star: Gaining Confidence On-Camera!
Drake Tax Software 2023: Tax Preparation Bootcamp 1040 and Biz return in 1 hour - What’s New in 2024
Переглядів 5 тис.7 місяців тому
Drake Tax Software 2023: Tax Preparation Bootcamp 1040 and Biz return in 1 hour - What’s New in 2024
Entering Prior Year Carryovers in 2023 Proconnect Tax Software: A Must-Watch Guide!
Переглядів 7607 місяців тому
Entering Prior Year Carryovers in 2023 Proconnect Tax Software: A Must-Watch Guide!
Schedule M-3 Form 1065 Explained
Переглядів 8127 місяців тому
Schedule M-3 Form 1065 Explained
NEW Form Help feature - Changes for 2024 Lacerte Tax Software Demo
Переглядів 5827 місяців тому
NEW Form Help feature - Changes for 2024 Lacerte Tax Software Demo
Drake Tax Software Training - How to Prepare 1040 in Drake Tax - Detailed Demo [2022]
Переглядів 3,1 тис.8 місяців тому
Drake Tax Software Training - How to Prepare 1040 in Drake Tax - Detailed Demo [2022]
NEW IRS Transcripts feature - Changes for 2024 Proconnect Tax Software Demo
Переглядів 5508 місяців тому
NEW IRS Transcripts feature - Changes for 2024 Proconnect Tax Software Demo
How I survive the tax season and increase Organization and Productivity as Freelance CPA
Переглядів 1568 місяців тому
How I survive the tax season and increase Organization and Productivity as Freelance CPA

КОМЕНТАРІ

  • @DfromBoston
    @DfromBoston День тому

    Awesome video! Could you please do a tutorial on form 4562 (Depreciation), with different scenarios such as residential property improvements, business equipment purchases, and class lifes. I'm a new tax professional, and learning from books and assignments is one thing, but seeing how it actually done is much better. Thank you very much for any help you can provide.

  • @christianprado246
    @christianprado246 2 дні тому

    You always save me, thank you for sharing your knowledge, I would marry you hahaha, just kidding, thank you Miss.

  • @ThompsonDylan
    @ThompsonDylan 3 дні тому

    51789 Bauch Parkways

  • @pradeepks93
    @pradeepks93 4 дні тому

    Thank you so much for your vedio Mam... I am from India pursuing CPA, preparing for TCP exam.. your vedios are most helpful... Iam one of your subscriber...

  • @SophyPayne-i5h
    @SophyPayne-i5h 4 дні тому

    52326 Weimann Fords

  • @MyComedy-rp8dl
    @MyComedy-rp8dl 4 дні тому

    Maam I watch your videos all the time, the videos are very useful, and learned a lot, but do you SEO your videos, then you will get double views and subscribers,

    • @notsoboringcpa
      @notsoboringcpa 4 дні тому

      Thank you!

    • @MyComedy-rp8dl
      @MyComedy-rp8dl 4 дні тому

      @@notsoboringcpa ‌I don't have to pay, I'll make you work for free, you watch my work,

  • @christianprado246
    @christianprado246 5 днів тому

    Thanks for your help, I would marry you tomorrow haha, just kidding.

    • @notsoboringcpa
      @notsoboringcpa 4 дні тому

      That’s a very uplifting message right before end of the tax season. Thank you!

    • @christianprado246
      @christianprado246 4 дні тому

      ​@@notsoboringcpaThis heavy tax season is almost over, your eyes will continue to be just as pretty 😍, and I will continue learning from your videos, thank you for transmitting your knowledge, from today I am your fan. I send you a virtual hug.

    • @notsoboringcpa
      @notsoboringcpa 4 дні тому

      @@christianprado246 thank you for your support!

  • @AnnLionel
    @AnnLionel 5 днів тому

    51193 D'Amore Forge

  • @mcconicokeelross63
    @mcconicokeelross63 6 днів тому

    Have you used K-1 Analyzer? Especially for the states? Seems to be a new thing companies are pushing it’s very annoying 😒

    • @notsoboringcpa
      @notsoboringcpa 5 днів тому

      I haven't, but I use something similar for other softwares. But it's the same idea as using the excel to reconcile items on K-1s. I can see from the way it is designed that it can be confusing. Keep up the good job - only 2 weeks of the tax season left! 🤗

  • @wendysalas4896
    @wendysalas4896 6 днів тому

    This video was so helpful!!! i can go to work and help with CCH returns tomorrow thanks to this tutorial. I also purchased your course!! Thanks

    • @notsoboringcpa
      @notsoboringcpa 6 днів тому

      You are so welcome! And thank you - that's a nicest comment I ever got! Looking forward to our weekly calls and good luck!

  • @MyComedy-rp8dl
    @MyComedy-rp8dl 10 днів тому

    Nice video

  • @mohammadyounis8282
    @mohammadyounis8282 12 днів тому

    if we have other income where to inputs that

    • @notsoboringcpa
      @notsoboringcpa 12 днів тому

      Under Income section, other income. If it doesn’t have a section for that - I would put on schedule K if it’s interest, or lamp together with the gross receipts

  • @Virago_XV
    @Virago_XV 12 днів тому

    Which software would you recommend for a new Tax Preparer?

    • @notsoboringcpa
      @notsoboringcpa 12 днів тому

      I will make video about that. But in general I would recommend Drake if on budget, otherwise Proconnect is great and easy to use to start.

  • @Virago_XV
    @Virago_XV 12 днів тому

    Thanks for sharing this!

  • @cruiz526
    @cruiz526 13 днів тому

    How do you get your fingerprinted if you are just a tax preparer?

    • @notsoboringcpa
      @notsoboringcpa 13 днів тому

      Using Fieldprint®, the IRS authorized vendor. Once you submit your e-file application, you can schedule your appointment by accessing the e-file application summary page and using the scheduling link on the Terms of Agreement Signature(s) & Personal Information section

  • @cruiz526
    @cruiz526 13 днів тому

    Grateful you posted this video. It reminded me that I need to apply for one to have it for next year!

  • @m.bilalafzal8253
    @m.bilalafzal8253 14 днів тому

    Impressive

  • @m.bilalafzal8253
    @m.bilalafzal8253 15 днів тому

    So it's required by a preparer who files more than tax returns or have more than 10 tax return clients.?

  • @m.bilalafzal8253
    @m.bilalafzal8253 15 днів тому

    How an alien can get EFIN?

    • @notsoboringcpa
      @notsoboringcpa 14 днів тому

      Only us permanent residents and us citizens can get EFIN. So I would partner with someone how has efin

  • @m.bilalafzal8253
    @m.bilalafzal8253 15 днів тому

    I am going to get it sooner.

  • @m.bilalafzal8253
    @m.bilalafzal8253 15 днів тому

    How important is EFIN for filling returns?

    • @notsoboringcpa
      @notsoboringcpa 14 днів тому

      You need in order to use the tax software and e-file tax returns

  • @m.bilalafzal8253
    @m.bilalafzal8253 15 днів тому

    I am available to do tax returns like 1040, 1065.

  • @m.bilalafzal8253
    @m.bilalafzal8253 15 днів тому

    All your videos are really good & helpful. Good work.

  • @johnthemaestro4449
    @johnthemaestro4449 15 днів тому

    I just purchased a treasury note with a bond premium (10 year). The interest doesnt start till 2025. The note was bought today..Can I deduct the premium I paid today in 2024 or does that wait till the actual interest on the note happens in 25?. I have other bank interest in 24 also so can I write the premium off in 24 since thats when it was purchased??? Thanks!!

  • @irinkamandarinka1517
    @irinkamandarinka1517 16 днів тому

    Thank you! Do you have a video on how to choose the software or software comparison? This would be much appreciated

    • @notsoboringcpa
      @notsoboringcpa 16 днів тому

      It’s a great idea! I will start recording videos like that soon. Thank you for suggestion!

  • @kwaichangcaine8234
    @kwaichangcaine8234 16 днів тому

    I'm a 64 year old self employed carpenter , might be a nice career change 🤔

    • @notsoboringcpa
      @notsoboringcpa 16 днів тому

      I don’t see why not. It’s nice to do something different. Let me know if you have any questions 🙏

  • @reviewithme9913
    @reviewithme9913 19 днів тому

    If you work for a company you don’t really need the efin correct?

    • @notsoboringcpa
      @notsoboringcpa 19 днів тому

      That’s right. Only the company or main person who e-files

    • @reviewithme9913
      @reviewithme9913 19 днів тому

      @@notsoboringcpa thank you!

  • @gulfamali5990
    @gulfamali5990 20 днів тому

    informative Maam can you make a video on how non us residents can get Tax preparer jobs in cpa firm?

  • @AvinashSingh-vj3rk
    @AvinashSingh-vj3rk 21 день тому

  • @izhardawer
    @izhardawer 21 день тому

    Good to see you. Mam. 7 blessings

  • @GauravManiyar-b7b
    @GauravManiyar-b7b 21 день тому

    You are great ..thank you so much for provide me this kind of vidros.

  • @GauravManiyar-b7b
    @GauravManiyar-b7b 21 день тому

    I really appreciate your efforts your pls provide me more video as well so I will learn software form you ..😊

  • @lunamorris2091
    @lunamorris2091 25 днів тому

    I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.

    • @notsoboringcpa
      @notsoboringcpa 25 днів тому

      Thank you kindly! Let me know if you ever have any questions

  • @jasonk305
    @jasonk305 25 днів тому

    Great video. Thank you!

  • @udayrajmudhiraj143
    @udayrajmudhiraj143 27 днів тому

    What type of things we should avoid making mistakes while reviewing tax returns can you please do the video on this topic

  • @vkhaccountingservicesllc7565
    @vkhaccountingservicesllc7565 28 днів тому

    This is why I end up doing a lot of amended returns. If someone only knows how to input numbers they aren't a tax preparer they are a data entry person. And if the taxpayer has more than a 1099 and w2, they can't understand the tax return.

    • @notsoboringcpa
      @notsoboringcpa 26 днів тому

      that's why I am trying to teach not only how to enter forms but the tax law and logic behind it. You have a good point!

  • @blec.g7522
    @blec.g7522 28 днів тому

    Thank you . Would you please train us on GO SYSTEM ?

    • @notsoboringcpa
      @notsoboringcpa 26 днів тому

      I would love to do that but I don't own GoSystems :( maybe I will try to get it next year. Thanks for suggestion!

  • @piyushsaraswat125
    @piyushsaraswat125 Місяць тому

    You did really a great work 😇 Thanks for the info

  • @YenVu-fy4nm
    @YenVu-fy4nm Місяць тому

    Hi, Can you tell me How to enter equity numbers to balance sheet ? Appreciate that!

    • @notsoboringcpa
      @notsoboringcpa Місяць тому

      Under balance sheet every there is a capital section where you enter prior year information for beginning balances and 2023 contributions and distributions under schedule m-2

    • @YenVu-fy4nm
      @YenVu-fy4nm Місяць тому

      @@notsoboringcpaThank you for your quick reply. This is 1st year of the business. There is no prior numbers. So, where should equity numbers in the book go to keep balance sheet balanced ? Thank you,

    • @notsoboringcpa
      @notsoboringcpa Місяць тому

      @@YenVu-fy4nm you have to fill up schedule m-2 for beginning balances $0 + current year contributions + current year income (automatically flows) - current year distributions

    • @YenVu-fy4nm
      @YenVu-fy4nm Місяць тому

      @@notsoboringcpavery clear! Thank you so much for your help!

  • @Shahnu09
    @Shahnu09 Місяць тому

    I want to learn more about Taxation

    • @notsoboringcpa
      @notsoboringcpa Місяць тому

      Let me know what questions you might have and I would be happy to help!

  • @alexkumarin4312
    @alexkumarin4312 Місяць тому

    Hi, my name is Alex I'm living in NYC and want to learn Individual and Business Tax Preparation Bootcamp training . can I contact you and get more info.tnx

    • @notsoboringcpa
      @notsoboringcpa Місяць тому

      Hi Alex! Great to hear from you! I offer different online courses on my website remotecpainla.com. Also, pleae email me at Kateryna@remotecpainla.com if you have any questions

  • @notsoboringcpa
    @notsoboringcpa Місяць тому

    📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com

  • @notsoboringcpa
    @notsoboringcpa Місяць тому

    📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com

  • @notsoboringcpa
    @notsoboringcpa Місяць тому

    📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com

  • @notsoboringcpa
    @notsoboringcpa Місяць тому

    📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com

  • @notsoboringcpa
    @notsoboringcpa Місяць тому

    📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com

  • @notsoboringcpa
    @notsoboringcpa Місяць тому

    📋 Enroll In My Course - Individual and Business Tax Preparation Bootcamp training for CPAs, EAs and Tax Preparers : www.remotecpainla.com

  • @AvinashSingh-vj3rk
    @AvinashSingh-vj3rk Місяць тому

  • @candlelightsoul
    @candlelightsoul Місяць тому

    Thank you for sharing your amazing story! I want to transition to a new career. I have been self employed in health and travel insurance for many years. I am ready to start a new, lucrative career. I love the idea of working on my own schedule and oseasonally. I am a native Spanish-speaker and would want to work with individuals who speak Spanish.I am curious, do you service Ukranians and if so, has it helped your business success?

    • @notsoboringcpa
      @notsoboringcpa Місяць тому

      I’m glad it was helpful! Good luck with everything you have in mind-I’m sure you’ll do great! Regarding me servicing the Ukrainian community, I help out occasionally to support people back home. I don’t view it as a strong business strategy since, for me, it’s less about serving clients based on nationality or language and more about finding the ideal clients I want to work with and the clients that appreciate you.