Deductions & credits

Hi, Kristina K:

 

Thanks for your answer posted on July 15, 2020.  I just saw it and would like to clarify a bit if you don't mind.  

 

1) If I report a Payroll Credit in 2021 on Form 6765 and flow to Form 3800, do I need to reduce my labor expenses on Form 1120 in 2021 for the same amount I'm claiming (not received yet)?  If yes, do I need to reduce the same amount of labor expenses on Sch. C as well (I'm filing 1040 LLC with Sch. C) ?   Why have to do at two places?  

 

2) On what line of Form 1120, shall I fill out the labor expenses that I plan to claim the credit on Form 6765?

 

3) I'm using Turbo Home Deluxe edition that doesn't support Form 1120 and 6765.  What am I going to do?  Print them all out and mail in?

 

Please advise and thank you so much!

 

Belle