TurboTax Business Tutorial - S Corp - 2021

In this video Ebony Fontana CPA goes through an S-Corp return using TurboTax business for the 2021 tax year. Lots to learn here from all the documents needed to start, to balancing the balance sheet.

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🤵If you are looking to schedule an appointment for bookkeeping services with Ebony, please use the link below.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

#turbotax #business #S-Corp

[eataxresolutions]

If you are looking to schedule an appointment for bookkeeping services, please use the link below.

[rickwunderman]

Stupendous! I learned tons here just watching how a pro who has invested a fair share of his life to grasping accountancy visualizes and mulls over this complex return-prep process. Kudos to Ebony Fontana (CPA). He has it exactly right when he says the "Most Important Button" is VIEW FORMS. In fact, one of the things I dislike abut Turbotax is the disconnect between the long string of questions and the dilemma of 'where it all goes.' (The other approach, also has its flaws, but you can experience it if you prepare your taxes using the IRS's Free Fillable Forms.) As computer jocks have said since the beginning of the field: "Garbage in, garbage out." In other words one misplaced keystroke can cause great havoc, so as EF emphasizes, double check that what the IRS will actually see, things like the 1040 form, make sense.

[JEMZ]

This channel deserves way more subscribers.. keep up the great work👌🏻

[eataxresolutions]

Hello Everyone! Just as a reminder if you have a question about TurboTax or filing I will be doing these Live Streams every Monday at 4PM PST. Be sure to stop by and ask your question in chat so I can help you out!
If you want to help our channel outplease use TurboTax through our link!

[MyWatchTherapy]

i have never used Turbotax, i am much less nervous now! thanks so much.

[Bosh]

you guys are awesome --really appreciate that long video and your time doing that and helping others !!!

[brucele]

Awesome and detailed video. Thank you!!! Questions: 1) Does TurboTax Business come with free State download? 2) Since this is the first year of my S Corp in California, do I need to complete the State portion by completing form 100S?

[MasterTheNEC]

Sadly this is the first year my business went over $250K and I have never done a balance sheet. So, on mine the balance sheet is way off....sadly I don't know how to fix it.

[KBHLLC]

Very helpful video! I still need help on where to enter Employee's 401k deferral's so they appear as expense on TT business (e.g. if 48:19 W2 had box 12d filled out). Federal Taxes > Other > Your Qualified Business makes sense, but should I enter this in adjustment for wages or other deductions?
Any help will be helpful!

[MyWatchTherapy]

can this be saved as you go along? what if you cannot finish t in one sitting?

[MyWatchTherapy]

where do i find the "appreciation breakdown list" in quickbooks desktop?

[puja]

Thank you so much for the tutorial .. I recently lost my job and had to get on Cobra insurance ..I now have a single member llc taxed as an scorp. Can my scorp reimburse this to me an expense

[SatIsh-geor]

Hi, Thanks for such a wonderful info. Could you please have one video on 1065 & C corp as well. Thank you

[menduca]

Thank you so much for this video. Like many small business owners having a hard time after the pandemic, Im trying to save money doing my own taxes with Turbotax
Even though your video is very helpfull, I have a question:
A little background: My husband and I owned an S Corp, (10%) & (90%) each one
Im an officer (president) he does some work.
since the pandemic we havent been able to do payroll, just taking some money as distributions.
Last year our accountant filled a 1099 Nec for each one of us, it didnt make sense to me but she said it was the way to do it.
So this year I did the same.
But, since it is not regular payroll, how and where this money goes. Your video shows officers payroll, but not sure if it goes there since its not payroll im not sure.
What should i do? where do I include the money my husband and I took out of the business???
Please help

[jaytravel-]

is this free to file with TurboTax or do they take it out of your taxes ???

[Yathar]

Do you have an example of how to enter a conversion from a Partnership to an S Corp? I had to file a Final K1 for my partnership but my balance sheet is off now because of retained earnings. So I’m confused

[matizehoskins]

What happens if the Total Liabilities, Capital, and Retained Earnings do not match 1:44:55? My Retained Earnings are not balanced and your video doesn't explain what to do in the case of having previous year's tax info. Thanks in advance. I watched the video on Retained Earnings, and it didn't help me solve this issue.

[viridianacruzvazquez]

Muchas gracias ! Me gustaría poder comunicarme contigo necesito ayuda en algunas dudas que tengo

[freedomchaser]

Hi there. Should form 1120S K-1 be included as part of the S corp tax return?

[SD-rgmj]

Hello I am French and I do not speak very good English and even less administrative English,
Could you confirm that I understood correctly, you have to use QuickBooks to do the accounting then QuickBooks sends the information to turbo tax then turbotax sends the information to the IRS?
do you need two software?

Thank you Cyril