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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