Jason D Knott

If you are a U.S. taxpayer and English is not your first language, you can request the IRS send you official notices and other correspondence in a language other than English. If you include a Schedule LEP with your Form 1040 tax return, you can update the IRS system to send all IRS notices and other letters in a different language. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1040 #ScheduleLEP DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

After the passing of the BBA, the centralized partnership audit regime was designed to make it easier for the IRS to audit partnerships and collect underpaid tax dollars. For U.S. partnerships meeting certain criteria, there is an option to elect out of the centralized partnership audit regime. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1065 #ScheduleB2 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

S corporations have many limitations and unique rules. The S corporation is generally a pass-through entity, which means the entity does not pay income taxes directly, because the earnings are passed through to the owners and reported on their personal tax returns. In some cases, however, the S corporation may be subject to tax directly on its net passive investment income. And, if the S corporation generates too much passive income, it can terminate the S corporation election. How to report passive investment tax on Form 1120S: https://youtu.be/Wcud8q5fXgQ Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1120S #Scorporation DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

The Form 8300 must be filed by a business when it accepts cash payments in excess of $10,000 from a customer. Failure to file these Forms can result in a significant penalties to the business and its owners. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form8300 #8300 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

Under default federal tax rules, when an LLC has more than one member, it is treated as a partnership for federal tax purposes. An LLC with one member is by default a disregarded entity for federal tax purposes. For married taxpayers living in a community property state, you can jointly own an LLC and pick whether you want partnership or DRE treatment. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #LLC #CommunityProperty #Form1065 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you received Form 1099-K for selling some used items online, you should report those sales transactions on your personal tax return. If you sold those items for a gain, that is taxable capital gain. If you sold them for a loss, the losses are not tax deductible. If you got a Form 1099-K related to your business, check here: https://youtu.be/p3NU35YRMeo Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1099K #Form1040 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

Many taxpayers were eligible to receive three Economic Impact Payments EIP (a/k/a Stimulus Checks) during 2020 and 2021. If you were eligible to receive a stimulus check, but did not receive one or more payments, you can apply for a new check via IRS Form 3911. In this video I cover an example Form 3911 and how to complete depending upon which payment you are missing. The mailing addresses for the Form 3911 depend upon which state you live. If you live in: Maine, Maryland, Massachusetts, New Hampshire, Vermont Mail to: Andover Internal Revenue Service 310 Lowell St. Andover, MA 01810 ----------------------------------------------- If you live in: Georgia, Iowa, Kansas, Kentucky, Virginia Mail to: Atlanta Internal Revenue Service 4800 Buford Hwy Chamblee, GA 30341 ----------------------------------------------- If you live in: Florida, Louisiana, Mississippi, Oklahoma, Texas Mail to: Austin Internal Revenue Service 3651 S Interregional Hwy 35 Austin, TX 78741 ----------------------------------------------- If you live in: New York Mail to: Brookhaven Internal Revenue Service 1040 Waverly Ave. Holtsville, NY 11742 ----------------------------------------------- If you live in: Alaska, Arizona, California, Colorado, Hawaii, Nevada, New Mexico, Oregon, Utah, Washington, Wisconsin, Wyoming Mail to: Fresno Internal Revenue Service 3211 S Northpointe Dr Fresno, CA 93725 ----------------------------------------------- If you live in: Arkansas, Connecticut, Delaware, Indiana, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, Ohio, West Virginia Mail to: Kansas City Internal Revenue Service 333 W Pershing Rd. Kansas City, MO 64108 ----------------------------------------------- If you live in: Alabama, North Carolina, North Dakota, South Carolina, South Dakota, Tennessee Mail to: Memphis Internal Revenue Service 5333 Getwell Rd. Memphis, TN 38118 ----------------------------------------------- If you live in: District of Columbia, Idaho, Illinois, Pennsylvania, Rhode Island Mail to: Philadelphia Internal Revenue Service 2970 Market St. Philadelphia, PA 19104 ----------------------------------------------- If you live in: A foreign country, U.S. possession or territory, or use an APO or FPO address, or file Form 2555 or 4563, or are a dual-status alien. Mail to: Austin Internal Revenue Service 3651 S Interregional Hwy 35 Austin, TX 78741 ----------------------------------------------- Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form3911 #StimulusCheck DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

IRS Form 8865 is filed by U.S. persons when they have a direct or constructive ownership interest in a foreign partnership. In this video, I cover an example of a Form 8865 filing for a Category 4 filer. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Taxes #1099NEC DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

When a U.S. person holds stock in a Passive Foreign Investment Company (PFIC), there are required tax return disclosures and certain available elections. If a U.S. person holds stock in a PFIC that is regularly traded on a public stock exchange, the person can make a Mark-to-Market (MTM) election for the PFIC. QEF Election: https://youtu.be/7ZLJldaZTGY Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #PFIC #Form8621 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

A U.S. taxpayer with a high deductible insurance plan is allowed to open a Health Savings Account (HSA) to help cover some of their medical costs. The appeal with an HSA is the contribution to the account is tax deductible (similar to a traditional IRA) even if you don't spend money in the current period on medical expenses. Whether you make contributions personally or via your employer, you need to file Form 8889 to report contributions to the account and any distributions used for medical costs. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form8889 #HealthSavingsAccount DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

The IRS Form 2439 is issued to a shareholder by either a REIT or RIC when the corporation has undistributed long-term capital gains that were subject to tax at the corporate level. The shareholder still needs to report their allocable share of the long-term capital gains and taxes paid by the corporation. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form2439 #Form1040 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

Taxpayer's should include Schedule 2 with their Form 1040 if they have additional taxes beyond the ordinary federal income taxes calculated on their federal taxable income. In this video, I cover each line item on Schedule 2 and address what additional schedules or forms might be required with the Schedule 2. Form 8962: https://youtu.be/w8Xz4V0k-7A Form 4137: https://youtu.be/uKeYWdVd2hg Form 8959: https://youtu.be/Jrmi5vMKvzw Form 8960: https://youtu.be/IG22zTmGKRo Schedule H: https://youtu.be/2Qp823kXLew Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1040 #Schedule2 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

Taxpayer's should include Schedule 3 with their Form 1040 if they have additional tax credits or payments that are not already reflected directly on Page 2 of the Form 1040. In this video, I discuss each line item on Schedule 3 and cover what additional forms or schedules may be required with your Form 1040. Form 8880: https://youtu.be/w7AdRIAZmWg Form 5695: https://youtu.be/1fI71WzZo5w Form 8962: https://youtu.be/w8Xz4V0k-7A Form 4868: https://youtu.be/nJ6dfk7zDD8 Form 4136: https://youtu.be/V2BLs1Izkdg Form 2439: https://youtu.be/4-h2T81In4Y Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1040 #Schedule3 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

Taxpayer's should include Schedule 1 with their Form 1040 if they have additional income and adjustments to income that are not otherwise reported directly on Pages 1 & 2 of the Form 1040 tax return. In this video, I highlight the main pieces for Schedule 1 and what additional forms and schedules may be required. Schedule C: https://youtu.be/EvWPC5CHHQE IRS Form 8889: https://youtu.be/f0ldHvce_24 Student Loan Interest: https://youtu.be/QJNY02cZlCs Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1040 #Schedule1 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

Florida is one of the easiest states to form an LLC in the USA. In this video, I cover the simple steps necessary to open an LLC in Florida. EIN Applications: https://youtu.be/mVuVJPavLCU Registered Agent: https://youtu.be/3Io5c8gtcAw S Corp Election: https://youtu.be/RdVn2Dl9qDM C Corp Election: https://youtu.be/sFjfeBDO2ow Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Florida #LLC DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

There are generally two types of corporations you can create under state law: the stock corporation, and the non-stock corporation. Non-stock corporations are generally organized with a non-profit motive and go on to file for tax exempt status with the IRS. The 501(c)(3) organization is one type of tax exempt organization. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Nonprofit #501c3 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you are a shareholder in an "S" corporation, you are allowed to have the company pay for your health insurance premiums and deduct the cost on the Form 1120-S tax return. This video discusses the reporting requirements on Form W-2, Form 1120-S, Schedule K-1, and Form 1040. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Scorporation #HealthInsurance DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you're a U.S. taxpayer with an ownership interest in a partnership, "S" corporation, or trust, you need to be careful about what is a passive loss vs. nonpassive loss. Passive activity losses must be reported on Form 8582 and are either offset against other passive income ONLY, or deferred to future tax years. You cannot use passive activity losses to offset other active income. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form8582 #PassiveActivityLosses DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

As a U.S. taxpayer, it is important to know the distinction between your AGI and Taxable Income. In this video, I discuss the different calculations and where to find those numbers on your Form 1040. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1040 #AGI DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you made a contribution to a Roth or Traditional IRA, you may be eligible for an additional tax credit related to those contributions. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #IRA #Form8880 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you formed an LLC as a non-U.S. person, you'll likely need to complete an IRS withholding certificate (Form W-9 or Form W-8) to open certain types of accounts. In this video I address the rules regarding which withholding certificate you need to complete. See the other video here for U.S. owned LLCs: https://youtu.be/QuKUFdJ5Q0M Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ https://gumroad.com/jasondknott Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #FormW9 #FormW8 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

A U.S. person that directly or indirectly owns stock in a passive foreign investment company (PFIC) needs to complete Form 8621 and include it with their annual tax return. PFICs have certain default treatments, but a shareholder can make an election to either treat the PFIC as a Qualified Electing Fund (QEF) or a Mark-to-Market (MTM) election. In this video I discuss the QEF election for the Form 8621. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Patreon: https://www.patreon.com/jasonknott Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #PFIC #Form8621 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you purchased a home using a Mortgage Credit Certificate (MCC) approved loan, you may be eligible for a federal tax credit on a percentage of the mortgage interest paid during the year. More info on tax implications of your mortgage: https://youtu.be/GKlER7gLg2I Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form8396 #MortgageInterest DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If you are a business owner and take the bonus depreciation deduction for a business vehicle, you need to continue to track your business usage in subsequent years. If the business use falls below 50%, you are in for a rude awakening. In the year business use drops below 50%, there is a required bonus depreciation recapture. For a video on the eligibility of the bonus depreciation deduction, check here: https://youtu.be/6aaRcAE6PWI Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Taxes #BonusDepreciation DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

The IRS Form W-9S is a taxpayer ID certification by a student attending a U.S. university. Both the university and the student loan lender need the Form W-9S to accurately report tuition and student loan interest paid during the year. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #W9S #StudentLoanInterest DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.