Jason D Knott

The IRS recently released a news bulletin about incorrect CP14 balance due notices sent to married filing joint (NFJ) taxpayers. The notice is generated when married filing joint taxpayers made estimated payments that were NOT correctly applied to the joint account. So why does this happen? This issue has existed for years, so this is nothing new. Under some circumstances, if the "Spouse" on a Form 1040 makes an estimated payment using their name and SSN, the IRS will cash the check, but not apply the payments to their Joint account. Once the tax return is filed, the IRS issues a balance due notice (CP14) because of incorrectly claimed estimated payments. If you received this notice and you know you made the payments, the IRS advises to not call or write in response to the letter. They assure taxpayers they will correct the problem.... Here is a link to the IRS news bulletin: https://www.irs.gov/newsroom/irs-statement-on-balance-due-notices-cp-14 Jason’s Page: https://jasondknott.com/ Knott PLLC: https://www.knottpllc.com/ Need more help? Schedule a Consultation: https://jasondknott.com/Consultation ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - https://jasondknott.com/Udemy Gumroad - https://jasondknott.com/Gumroad ✅ AFFILIATE LINKS Open an LLC with Inc File: https://jasondknott.com/IncFileCompanyLLC Signup Bonus with M1 Finance - https://jasondknott.com/M1_Finance Open a Bitcoin IRA - https://jasondknott.com/BitcoinIRA Protect your Privacy with Nord VPN - https://jasondknott.com/NordVPN Open a Webull Stock Account - https://jasondknott.com/Webull File Taxes with TurboTax - https://jasondknott.com/TurboTax File Taxes with TaxSlayer - https://jasondknott.com/TaxSlayer Open a Wise Bank Account - https://jasondknott.com/Wise Try Amazon Prime - https://jasondknott.com/AmazonPrime ✅ FOLLOW JASON HERE: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you. #CP14 #IRS #IRSnotices #taxes

When a partnership earns U.S. source effectively connected income, it may be required to file Form 8804 & 8805 if there are any foreign partners in the partnership. The first step is to determine whether the partnership is engaged in U.S. trade or business and has U.S. source ECI. We have a video here: https://youtu.be/rb3r7FftWfc Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #Form8805 #Form8804 #ECI DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

If a dependent child receives unearned investment income during the tax year, they may have to file a Form 1040 tax return. Children may be subject to the "Kiddie Tax" which taxes their investment income at the parents tax rates via IRS Form 8615. In some cases, the parents can elect to report the investment income on their own tax return, which relieves the child of having to separately file their own Form 1040. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form8814 #KiddieTax DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.

Should you still Form 1120-S if you had no business activity during the year? YES!!!!! The IRS requires the filing even if the common had no activity or even lost money. In this video, I examine the rules surrounding Form 1120-S filing requirements. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1120S #Scorporation DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

Every foreign-owned single member that is a disregarded entity must file a Form 5472 with proforma Form 1120 to report any reportable transactions during the year. The definition of a reportable transaction is so broad, almost every entity must file this Form. For a course on how to complete Form 5472, check here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form5472 #ReportableTransactions DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If your entity has a change of responsible party, you need to update the IRS records within 60 days of the change. If an LLC owner used a nominee to apply for an EIN, they should update the records immediately by filing Form 8822-B. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #Form8822 #ResponsibleParty #LLCtaxes DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you incur out-of-pocket medical expenses during the year, you can generally deduct those on Schedule A as an itemized tax deduction. However, taxpayers must first consider the AGI floor of 7.5%, and whether they have enough itemized deductions overall to exceed the standard deduction. See HSA video here: https://youtu.be/f0ldHvce_24 Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #ScheduleA #MedicalExpenses #ItemizedDeductions DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you have children that work during the summers or throughout the year, they might have to file their own Form 1040, depending upon how much money they earned. You can still claim them as a dependent even if they need to file their own tax return. Kiddie Taxes IRS Form 8615: https://youtu.be/HBIL5kqbZPE Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form1040 #SummerJobs DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

Form 5173 is required when a deceased nonresident has U.S. situs assets. The executor of the person's estate must provide Form 5173 to a U.S. custodian in order for them to release the funds. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form5173 #EstateTax DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you run a business at a loss for 3 consecutive years, the IRS might want to treat that as a Hobby. The Hobby Loss rules are not friendly. Here is a video on how to mitigate your exposure: https://youtu.be/zCOqq2IaYNk Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form5213 #HobbyLoss DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If your dependent children receive investment income over certain thresholds, they may be subject to the "kiddie tax" on their unearned income. The tax is designed to tax their investment income at the same rates as the parent. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #KiddieTax #Form8615 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you are looking to maximize your tax refund and reduce your overall tax liability, there are some simple strategies you can follow. Check out more detailed videos below: Max IRA Contributions: https://youtu.be/mTKgKmaiMzw Form 8889 HSA: https://youtu.be/f0ldHvce_24 QOF: https://youtu.be/BBuW0W5q-Sg QOF FOrm 8997: https://youtu.be/6zC87hityTw Solar Form 5695: https://youtu.be/1fI71WzZo5w Form 8396 Mortgage Credit: https://youtu.be/PbMJRVK6D4s Form 8880 Retirement Credit: https://youtu.be/w7AdRIAZmWg Form 8812: https://youtu.be/k-V9EmIbujs Form 2441: https://youtu.be/c1UvuQrrMuM Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #TaxRefund #Form1040 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

The Backdoor Roth IRA conversion is a popular mechanism for wealthy taxpayers to make contributions to their Roth IRAs. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Taxes #1099NEC DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you received Advanced Child Tax Credit payments during 2021, you should expect to receive an IRS Letter 6419. SAVE THIS LETTER!!!!! You will need LTR 6419 to accurately prepare your Form 8812 for the child tax credit reconciliation. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #ChildTaxCredits #LTR6419 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

The IRS is cracking down on the Hobby Loss rules for taxpayers with Schedule C losses on their Form 1040. You can reduce your risk of an audit by using a partnership or S corporation. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #HobbyLoss #IRSaudit DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you pay for child care for your kids, you may be eligible for a tax credit for a portion of the amounts paid to the child care provider. The credit is calculated on IRS Form 2441. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Taxes #1099NEC DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

The IRS updated the standard mileage reimbursement rates for business use of a vehicle. The rate was increased to 58.5 cents per mile, updated from 56 cents per mile in 2021. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Taxes #1099NEC DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you are a homeowner looking to remodel your home, you should consider the various methods of financing the remodel and how it impacts your taxes. By borrowing the money from your HELOC, you might be able to increase your itemized tax deductions and save some tax dollars. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #MortgageInterest #HELOC DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

How to compute investment interest expense for a taxpayer that has margin interest on their brokerage account. Form 6781 for 1256 Contracts: Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Taxes #1099NEC DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you lease a vehicle through your business, the tax deduction for the payments may be limited for two reasons. Personal use and an inclusion amount for expensive vehicles. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #TaxDeduction #VehicleExpense DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

If you made contributions to a traditional IRA during your lifetime, and you weren't able to deduct all of the contributions, you have some basis in your IRA. If you have a basis in the IRA above zero, it means a portion of your distributions is a return of principal and should not be subject to federal taxes. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Form8606 #TraditionalIRA DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

Business gifts are tax-deductible within certain limitations. Generally, you can deduct $25 per gift per person. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #Taxes #BusinessGifts DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

Generally, canceled debts are included in the gross income of a U.S. taxpayer. Under certain circumstances, the canceled debts can be excluded from gross income by filing IRS Form 982. Check our Form 982 video here: https://youtu.be/tC25zpKYdLA Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #StudentLoanDebts #CancelledDebt DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

The IRS has announced the start date for this 2022 tax season. The IRS will start accepting returns on January 24, 2022. Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #TaxSeason #Form1040 DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

The Refund Anticipation Loan (RAL) is a popular financial product to get taxpayers immediate cash for their refunds, but it comes at a high cost. RALs can charge effective rates upwards of 600% to unsuspecting taxpayers. Be careful! Purchase our tax guides and tutorials here: https://www.udemy.com/user/jason-knott-2/ Check out our website for more posts: https://www.lawofficesofjasonknott.com/blog/ Need more help? Schedule a consultation: https://calendly.com/jason-knott Follow Jason here: Patreon: https://www.patreon.com/jasonknott Twitter: https://twitter.com/jasondknott Instagram: https://www.instagram.com/jasondknott TikTok: https://www.tiktok.com/@jasondknott LinkedIn: https://www.linkedin.com/in/jason-d-knott/ Quora: https://www.quora.com/profile/Jason-Knott-17 #IRS #RAL #RefundAnticipationLoans DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.