danielle-51
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Again, thank you, PatriciaV. It looks like for us the standard deduction for each partner would be the bigger deduction. Am I correct in thinking you only use t...
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PatriciaV, thank you. I didn't know if anyone was going to understand what I was asking. I remembered you as an expert in LLC tax matters, and I was hoping you ...
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Thank you so much. So on Schedule 8812, Part 1, #6, put the number 1, and then #7, you multiply that by $500, which is my credit...is this correct?
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Thank you, Patricia. So when TurboTax asks "Is this Qualified Business Income", do I mark "Yes", and then it will work itself out when each partner files their ...
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Thank you MarilynG1. I think you just gave me the answer I have been needing. This asset was the first one I added as I was going through the Depreciation part ...
Activity Feed for danielle-51
- Posted Does an LLC (taxed as a partnership) get to deduct distributions paid out to partners as a business expense on the 1065? on Deductions & credits. 2 weeks ago
- Posted Re: If your LLC partnership elects to use the "Pass Through Entity Tax" form (PTET), does it appl... on Deductions & credits. 2 weeks ago
- Posted Re: If your LLC partnership elects to use the "Pass Through Entity Tax" form (PTET), does it appl... on Deductions & credits. 2 weeks ago
- Posted If your LLC partnership elects to use the "Pass Through Entity Tax" form (PTET), does it apply to each partner's K-1 income only, or does it also apply to guaranteed payments? on Deductions & credits. 2 weeks ago
- Posted Re: Can you claim your 20 year old, who lives with you, but is not a student, as a dependent? on Deductions & credits. 3 weeks ago
- Posted Can you claim your 20 year old, who lives with you, but is not a student, as a dependent? on Deductions & credits. 3 weeks ago
- Posted Can a business deduct light bulbs for its shop under "Repairs/Maintenance"? on Deductions & credits. February 19, 2023 9:05 AM
- Posted Re: Can an LLC (multi-member taxed as a partnership), take the Qualified Business Income Deductio... on Deductions & credits. February 13, 2023 8:35 AM
- Posted When TurboTax asks "Is this Qualified Business Income" do I answer "yes" even though we are an LLC (taxed as a partnership), and our members receive guaranteed payments, which I know do not qualify for the QBI? Will it all just work itself out? on Deductions & credits. February 13, 2023 8:23 AM
- Posted 1065 Schedule L, line 9a...is this asking for the total of what you paid for your assets? the actual cost for each of the assets added up into one total, and then entered in column a? on Deductions & credits. February 12, 2023 9:18 PM
- Posted Can an LLC (multi-member taxed as a partnership), take the Qualified Business Income Deduction on their net income? on Deductions & credits. February 12, 2023 9:02 PM
- Posted Re: Entering "State prior depreciation" I cannot find this, and it says not to leave it blank on Deductions & credits. February 9, 2023 12:11 PM
- Posted Re: Entering "State prior depreciation" I cannot find this, and it says not to leave it blank on Deductions & credits. February 9, 2023 9:03 AM
- Posted Entering "State prior depreciation" I cannot find this, and it says not to leave it blank on Deductions & credits. February 9, 2023 7:58 AM
- Posted "Disposing of business property"-"Did you dispose of any assets in 2022?"...If a business asset that was on your 2021 return is not income producing for 2022, do you still have to say you are disposing of it, or can you just leave it off your 2022 return on Deductions & credits. February 8, 2023 4:55 AM
- Posted Will refunds from vendors issued through Paypal be included on your 1099-K as part of payments you have received? on Deductions & credits. February 7, 2023 10:42 AM
- Posted TurboTax not saving selections...costing me a lot of time on Get your taxes done using TurboTax. February 7, 2023 7:36 AM
- Posted Where do you deduct Ebay fees on a 1065? And, the same question for PayPal and Intuit merchant center fees...we are an LLC taxed as a partnership. on Deductions & credits. February 6, 2023 9:19 PM
- Posted Re: If you receive a 1099-K from ebay, but you did not make much of a profit on the things sold, ... on Deductions & credits. January 31, 2023 5:12 PM
- Posted If you sell things on Ebay for less than what you paid for them, and you get a 1099-k from ebay, what do you do? Because there really is no profit, so why would you have to pay taxes? on Deductions & credits. January 31, 2023 5:01 PM