990 Schedule R Instructions 2023-2024

Yo yo yo, CPA Strength here, back with another video. This is a highly requested video about getting a 99 on your tax return and what to do with it. I recently tried out a new program, and in this video, we'll be discussing the new tax return for 2018 and beyond. The first page consists of your filing status, name, address, and other details. However, the important information can be found on the second page, which only contains 23 lines, compared to the previous 74 lines. To fill out the tax return, I completed Schedule C, which is necessary if you received a 1099 form as an independent contractor. Being self-employed may have its advantages, but it also comes with its own set of challenges, especially when it comes to taxes. In this example, let's say you received a 1099 for $30,000 and after deducting $10,000 in expenses, your business income comes down to $20,000. Keep in mind that your employer only had to cut you a check, while you have to handle all the tax calculations. If you have a W-2, you can easily use a tax software or file for free online. However, if you have a 1099, I highly suggest going to a tax professional to avoid mistakes and maximize your deductions. This year, there is also a new addition to consider, the qualified business income deduction. When it comes to filing a separate tax return, it depends on whether your 1099 is connected to your Social Security number or an EIN number for your business. If it's connected to your Social Security number, you will file one 1040 return regardless of the number of W-2s or Schedule Cs you have. However, if it's connected to an EIN number, the type of business entity will determine...