Thank you Sir, Could you please clarify my question. It's my first year LLC taxed as an SCORP sole owner, made some money, and took a salary but no distribution.I have a w2 from my scorp . Can I still take a self-employed health insurance deduction, since I paid out of pocket and took reimbursements from my SCORP . I paid federal taxes on it as it is in Box 1. and should I enter 0 for distributions since I did not take money except salary ?
I'm not an expert but based off of all the information I learned based on businesses I can give you an idea that you should still run by an expert. But anything that depreciates in value can be written down as tax credit. So since the scorp reimbursed you that means they paid for it and so since that falls under their *depreciation rule, than it can be used.. but again, I'm not an expert and if an expert agrees it would be good to know if theirs a depreciation limit on how much can be written off and what are the requirements.
This a great question, I too am now curious 🤔. I hope he responds. Also, if you took out or eventually take out business insurance and unemployment insurance. Those can also be written off on your taxes, but idk if there's a limit to the amount of credit you'd get.🧐 Would you mind answering some of these questions for us @JasonDKnott 🥸🤔
Hi there Jason, a couple of days ago I received the 1042-S from UA-cam, it says that my 'Federal Tax Withheld' is 1, what does that mean??? What do I have to do exactly? I'm from Italy, last year I got my first 1042-S Form and it said 0 that time, what do I have to do now? I'm actually panicking right now, I don't know how to do these things...
I moved to US in October 2022 and I didn't know what to put on gusto so put married filing jointly. I just found out that I'm a non resident amd can file as married individually - does that mean my w2 is wrong and I paid the wrong tax?
Good question! If you are a married taxpayer at the end of the year, you cannot use "head of household" filing status. Married taxpayers can only use "Married Filing Jointly" or "Married Filing Separate"
This does not show where to file 1040 on turbo tax
Why did I find you after I filed my taxes . Your videos are awesome and I love your work kudos and much props to you good sir
Thank you Sir, Could you please clarify my question. It's my first year LLC taxed as an SCORP sole owner, made some money, and took a salary but no distribution.I have a w2 from my scorp . Can I still take a self-employed health insurance deduction, since I paid out of pocket and took reimbursements from my SCORP . I paid federal taxes on it as it is in Box 1. and should I enter 0 for distributions since I did not take money except salary ?
I'm not an expert but based off of all the information I learned based on businesses I can give you an idea that you should still run by an expert. But anything that depreciates in value can be written down as tax credit. So since the scorp reimbursed you that means they paid for it and so since that falls under their *depreciation rule, than it can be used.. but again, I'm not an expert and if an expert agrees it would be good to know if theirs a depreciation limit on how much can be written off and what are the requirements.
This a great question, I too am now curious 🤔. I hope he responds. Also, if you took out or eventually take out business insurance and unemployment insurance. Those can also be written off on your taxes, but idk if there's a limit to the amount of credit you'd get.🧐 Would you mind answering some of these questions for us @JasonDKnott 🥸🤔
Hi there Jason, a couple of days ago I received the 1042-S from UA-cam, it says that my 'Federal Tax Withheld' is 1, what does that mean??? What do I have to do exactly? I'm from Italy, last year I got my first 1042-S Form and it said 0 that time, what do I have to do now? I'm actually panicking right now, I don't know how to do these things...
I moved to US in October 2022 and I didn't know what to put on gusto so put married filing jointly. I just found out that I'm a non resident amd can file as married individually - does that mean my w2 is wrong and I paid the wrong tax?
Hello Jason, i have a big question for you...could you ?
Could we get the supporting excel sheet and forms someone join the channel?
I need Medical Expense deductions?
i am married and i am having trouble using turbo tax filing seperate head of household
Good question! If you are a married taxpayer at the end of the year, you cannot use "head of household" filing status. Married taxpayers can only use "Married Filing Jointly" or "Married Filing Separate"
Hey Jason, I am just curious on why are you ghosting me? Arpil is coming and I needed answers.
april is coming and i need answers!