How to File Form 1120-S for 2022 - Restaurant Example

[@RealWorldTaxes]

This was a great video for me! Newly-minted EA, and brushing up on my S-corp returns for coming tax season. Thank you for the detailed walkthrough, it helped me remember a ton of stuff from the exams!

[@gregoryforsthoefel7541]

I think all your videos are very thorough and informative. One point of clarification would be that restaurants have many employees that receive tip income. Employers often pay the SS withholding for the employees with the tip income, and the employers get a tip credit. That affects the K-1 and the Basis. I'm sure showing the how to report the credit is software specific, but at least mentioning that nuance would have been helpful.

[@e.g9506]

Thank you so much. great job .. because of your videos... I always go out next day and do an act of random kindness and help others .

[@maricelaaguirre8486]

🤩 wow love how you explained it.

[@JasonDKnott]

Glad it was helpful!

[@Team8LA]

Love your lectures, could you please teach law firm medical offices? That will be so helpful for my work, thank you!!

[@husseindamulira8087]

Hello sir, this is probably the best instruction video ever. How can I access the spreadsheets for the Statements in this example so I can practice in my software?

[@LA2JERSEY]

Thank you so much. Can you pls teach how to report S Corp income earned in other states like consulting fee?

[@devgrp9]

Great video tutorial! Where would you post PPP Loan Foregiveness on K-1 (I assume its Ln 16b) and on the M-2? My info indicates it is treated as Tax-Exempt income. Thanks

[@talhanoor1839]

Helli sir jason, sir you are doing very good job and it is very easy to learn taxation from your videos. I have question regarding the attachments/attached forms. As you can see on the 1020s they asking to attach forms like 1125-A , 4797 etc . If i want to submit my form 1020s by mail should i have to attach all these require forms also?? Or only i have to send the filled and signed form 1020s. Waiting for your reply. Thanks

[@momentum_jsj]

HI jason awesome video! where would you put the cost of incorporating the LLC paid to a registered agent? is it okeu to you put it in line 'Taxes and licenses'

[@Tiffany.B.]

Hi Jason can you do a tutorial for an owner operator?

[@carrie4579]

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

[@momentum_jsj]

how do you actually file it to them is it possible to efax form 1120 to the irs owning a single member foreinger LLC? thanks a lot

[@traviswalker8933]

Either you send them via email or file it electronically through their website.

[@puja4079]

Sir , if it is llc elected as s corp, sine there are no shares what do you enter for item h shareholder number of shares in schedule K

[@JasonDKnott]

If the entity is an LLC, you can use the number of LLC units issued pursuant to the LLC operating agreement

[@LifestyleStory]

Can I submit 1120 return online ??

[@kojoamoah1220]

For Line 19. Other Deductions (Attach Statement), How do you add the statement? Do you have to just print the excel and attach to the form?

[@Team8LA]

Hi Jason, can u pls explain the other deduction more? I cant find what that number cones from, thank you!

[@minoritywallstreet3233]

So, Line 19 (Other Deductions) reference the following items on the excel spreadsheet: Insurance ($12,000), Computer Equipment ($1,500), Legal Fees ($1,200), Payment Processing Fees ($1,117), and Internet Service ($600)

[@abbasi6264]

Hi Jason, can you tell me how you got the number on 1120 s page 1, line 12, taxes and lisc. payroll taxes are 14,459 but the number on the form is 15059. not understanding the $600 difference.

[@minoritywallstreet3233]

So, in the spreadsheet Payroll Taxes were $14,459 and Licenses were $600 which gives you the $15,059 for line 12

[@jaytravel-12]

do we get a return back from this ??

[@LifestyleStory]

Can I submit 1120 return online ??

[@JasonDKnott]

Yes! Your tax returns can be filed electronically using an IRS approved tax preparation software. However, the IRS website does not currently have a direct file system. You need to have tax preparation software in order to submit electronically. Visit the IRS website for more information: www.irs.gov/e-file-providers/efile-with-commercial-software