TurboTax Business Tutorial - S Corp - 2021

[@eataxresolutions]

If you are looking to schedule an appointment for bookkeeping services, please use the link below. calendly.com/ebony-eataxresolutions

[@marketbuy]

Hi. Whereabouts are you located in California? Any chance you’re in OC? I would like to book an hour with you. I need an EA to help me complete my TurboTax SCorp. Thx

[@rickwunderman7919]

Stupendous! I learned tons here just watching how a pro who has invested a fair share of his life to grasping accountancy visualizes and mulls over this complex return-prep process. Kudos to Ebony Fontana (CPA). He has it exactly right when he says the "Most Important Button" is VIEW FORMS. In fact, one of the things I dislike abut Turbotax is the disconnect between the long string of questions and the dilemma of 'where it all goes.' (The other approach, also has its flaws, but you can experience it if you prepare your taxes using the IRS's Free Fillable Forms.) As computer jocks have said since the beginning of the field: "Garbage in, garbage out." In other words one misplaced keystroke can cause great havoc, so as EF emphasizes, double check that what the IRS will actually see, things like the 1040 form, make sense.

[@eataxresolutions]

Thanks for the kind words, glad we can help

[@JEMZ090]

This channel deserves way more subscribers.. keep up the great work👌🏻

[@eataxresolutions]

Thanks for the kind words!

[@MyWatchTherapy]

i have never used Turbotax, i am much less nervous now! thanks so much.

[@1Bosh777]

you guys are awesome --really appreciate that long video and your time doing that and helping others !!!

[@eataxresolutions]

Thanks for watching!

[@qroo]

Super helpful video. Thanks!

[@eataxresolutions]

Glad it was helpful!

[@feelzright]

Thank you for this video.

[@SatIsh-ge6or]

Hi, Thanks for such a wonderful info. Could you please have one video on 1065 & C corp as well. Thank you

[@brucele58]

Awesome and detailed video. Thank you!!! Questions: 1) Does TurboTax Business come with free State download? 2) Since this is the first year of my S Corp in California, do I need to complete the State portion by completing form 100S?

[@eataxresolutions]

glad we can help! 1. There is an additional fee to file the State tax return with turbo tax 2) Yes, you will need to file the CA Form 100S every year until the business is dissolved.

[@KBHLLC]

Very helpful video! I still need help on where to enter Employee's 401k deferral's so they appear as expense on TT business (e.g. if 48:19 W2 had box 12d filled out). Federal Taxes > Other > Your Qualified Business makes sense, but should I enter this in adjustment for wages or other deductions? Any help will be helpful!

[@agnescheung2090]

Great!

[@eataxresolutions]

Hello Everyone! Just as a reminder if you have a question about TurboTax or filing I will be doing these Live Streams every Monday at 4PM PST. Be sure to stop by and ask your question in chat so I can help you out! If you want to help our channel outplease use TurboTax through our link! Our TurboTax Link: www.tkqlhce.com/click-100683865-11557904?url=https%3A%2F%2Fturbotax.intuit.com%2Flp%2Faff%2F4049%3F%26priorityCode%3D6099000412

[@puja4079]

Thank you so much for the tutorial .. I recently lost my job and had to get on Cobra insurance ..I now have a single member llc taxed as an scorp. Can my scorp reimburse this to me an expense

[@MyWatchTherapy]

where do i find the "appreciation breakdown list" in quickbooks desktop?

[@MyWatchTherapy]

can this be saved as you go along? what if you cannot finish t in one sitting?

[@menduca70]

Thank you so much for this video. Like many small business owners having a hard time after the pandemic, Im trying to save money doing my own taxes with Turbotax Even though your video is very helpfull, I have a question: A little background: My husband and I owned an S Corp, (10%) & (90%) each one Im an officer (president) he does some work. since the pandemic we havent been able to do payroll, just taking some money as distributions. Last year our accountant filled a 1099 Nec for each one of us, it didnt make sense to me but she said it was the way to do it. So this year I did the same. But, since it is not regular payroll, how and where this money goes. Your video shows officers payroll, but not sure if it goes there since its not payroll im not sure. What should i do? where do I include the money my husband and I took out of the business??? Please help

[@jaytravel-12]

is this free to file with TurboTax or do they take it out of your taxes ???

[@matizehoskins9899]

What happens if the Total Liabilities, Capital, and Retained Earnings do not match 1:44:55? My Retained Earnings are not balanced and your video doesn't explain what to do in the case of having previous year's tax info. Thanks in advance. I watched the video on Retained Earnings, and it didn't help me solve this issue.

[@Yathar]

Do you have an example of how to enter a conversion from a Partnership to an S Corp? I had to file a Final K1 for my partnership but my balance sheet is off now because of retained earnings. So I’m confused

[@MasterTheNEC]

Sadly this is the first year my business went over $250K and I have never done a balance sheet. So, on mine the balance sheet is way off....sadly I don't know how to fix it.

[@eataxresolutions]

Highly recommend a bookkeeper and professional tax preparer.

[@freedomchaser4781]

Hi there. Should form 1120S K-1 be included as part of the S corp tax return?

[@eataxresolutions]

Definitely!

[@danyelhoskins4559]

Very detailed video. Will Ebony make a similar video that includes a previous year taxes with QB & TT?

[@viridianacruzvazquez9552]

Muchas gracias ! Me gustaría poder comunicarme contigo necesito ayuda en algunas dudas que tengo

[@alex46801]

Where do you get P/L form?

[@eataxresolutions]

Highly recommend a bookkeeping service to get this done for you

[@galinalucktinov2780]

go meals and entainment

[@SD-rg5mj]

Hello I am French and I do not speak very good English and even less administrative English, Could you confirm that I understood correctly, you have to use QuickBooks to do the accounting then QuickBooks sends the information to turbo tax then turbotax sends the information to the IRS? do you need two software? Thank you Cyril

[@eataxresolutions]

Hey Cyril, You do not necessarily need QuickBooks, however we recommend it. You can do your bookkeeping without QuickBooks, or using another bookkeeping software You have the correct understanding though. QuickBooks to Turbotax to IRS.

[@SD-rg5mj]

@@eataxresolutions Hello I am a French tax resident and I created an LLC to buy from American wholesalers and take over in the United States, I would like to hire someone to teach me how to fill My obligations with the irs authorities, make my tax declarations correctly, could I pay you to assist me?

[@guocity]

what is the name of the file?