Hi Jason. If the depreciation expense was section 179 instead of bonus, would the 179 depreciation portion be reported and deducted on the individual K1's instead of taking the deduction on line 14 of 1120s??
Good question! Yes, the Section 179 deduction is a separately stated item on the K-1. So it is not included on Page 1 of the Form 1120-S in arriving at net ordinary income. Section 179 has to be a separately stated item because there are deduction limitations that apply at both the company and shareholder levels.
Thanks for the great video. If the vehicle is not titled to the business and is expensed (including SL depreciation) through an accountable plan, then does it still need to go on the 4562?
Very helpful. The instructions for M-1 and M-2 from the IRS are terrible, and this clears up my questions.
Glad it was helpful!
This is a great video!! Thank you very much you are very knowledgeable 👏
Thank you. Excellent tutorial. Facts were clearly explained.
Jason, what do you do if a client comes to you and don’t know what their basis is in the company?
Thank you! Could you make your spreadsheet forms available for purchase?
Hi Jason. If the depreciation expense was section 179 instead of bonus, would the 179 depreciation portion be reported and deducted on the individual K1's instead of taking the deduction on line 14 of 1120s??
Good question! Yes, the Section 179 deduction is a separately stated item on the K-1. So it is not included on Page 1 of the Form 1120-S in arriving at net ordinary income. Section 179 has to be a separately stated item because there are deduction limitations that apply at both the company and shareholder levels.
@@JasonDKnott thank you. I am a current student and depreciation for tax purposes can get confusing! I will no doubt have more question
Excellent. Thank you
Glad it was helpful!
Thanks for the great video. If the vehicle is not titled to the business and is expensed (including SL depreciation) through an accountable plan, then does it still need to go on the 4562?
I am ready to pay 💰 for detailed classes. Let me know when the website is up and running.
Thank you so much for the lectures. How about payroll to officer or keeping some operating fund in the account?
Where did the $7200 come from Admin Staff?
I have a question why did my account person put mind and my husband's income as other income and also put it on the return
This is a great video.
Can you do a s corp return with a shareholder loan