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Deductions & credits
Thank you for the response, @JamesG1.
My wife's job paid her just under 52k (W2).
My first LLC does consulting work and paid me just under 52k (W2), and generated 45k in profits (1120-S K-1).
My second LLC is creating a SaaS Web Application, I hired a team to help accelerate the development and promotion of it, hence a loss of 65k (1065 K-1).
Perhaps the first LLC's income taxed as an S-Corp does not qualify as earned income, but the second LLC taxed as a partnership does qualify as earned income (deficit)?
March 20, 2022
5:56 PM