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- Clarification on line 12 of US tax form 1120S for S Corporations
Lines 7-19 are Deductions, things that reduce your taxable income Line 12 is for Taxes and licenses paid incurred by the corporation in the course of doing business The corporation deducts its portion of payroll tax paid, this is likely the main item reflected on line 12 of your return The S-Corps estimated payments are reflected on Line 23a
- united states - 1120s line Taxes and licenses - Personal Finance . . .
When in doubt - go to the instructions See the instructions for Form 1120S Line 12: Don't deduct the following taxes on line 12 Federal income taxes (except for the portion of built-in gains tax allocable to ordinary income) or taxes reported elsewhere on the return Taxes not imposed on the corporation
- What happens if IRS does not receive 1120-S for an S-Corp?
The first result for "1120-S non-filing penalty" was this article in the Houston Chronicle, which states: If the 1120S is filed after the deadline, the IRS charges each shareholder a late-filing penalty in the amount of $195 for each month, or part of the month, that the return is late for up to 12 months
- IRS Useful Life of a Laptop Computer
The value of MACRS GDS over straight-line is that it allows you to recover the cost much faster (you get more deduction early on) You could also argue declining balance more closely reflects the real-life depreciation of the computers compared to straight-line
- united states - Can an Uber driver deduct food expenses? - Personal . . .
That "general area of your tax home" isn't specified well in the IRS regs (or more precisely, they use a ton of verbiage to say "be sane"), but federal gov't regulations for what constitutes travel vs local area generally use a 50 mile travel radius (so, 50 miles by road by shortest reasonable route, not as the crow flies) from your home or place of work (depending on the nature of the travel)
- Memory Care tax deductible as Medical expense?
An individual is chronically ill if, within the previous 12 months, a licensed health care practitioner has certified that the individual meets either of the following descriptions He or she is unable to perform at least two activities of daily living without substantial assistance from another individual for at least 90 days, due to a loss of
- What is the purpose of the Action column in a GnuCash stock account?
A loan account will have a different list of actions because the payment can have a principal payment, and an interest payment, and some loans like a line of credit can have multiple withdraws When tracking investments the line in the ledger will be tracking not just the amount you buy or sell, but also dividends, interest, and capital gains
- Why do customers who used their credit cards have refund priority . . .
Commented Jun 12 at 18:02 6 @littleadv It actually works exactly the same with network debit cards (Visa MC Debit), since those are technically handled exactly like credit cards, the only difference is at the issuer (money comes from an account instead of a line of credit)
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