Are Form 1120 C Deduct 2023-2024

In this video, I will show you the top 10 most missed, misused, or abused tax deductions I've seen entrepreneurs take through the years that I've been preparing tax returns. If you'd like to skip the introduction, go ahead and fast-forward to the minutes provided below and go straight into the first deduction. Hi, I'm Hector Garcia, CPA, advanced QuickBooks ProAdvisor, and professional tax returns preparer. I've been preparing tax returns for over a decade, and for the most part, I help small business owners, entrepreneurs, and self-employed individuals prepare their corporate tax returns. However, there are ten top deductions that they either fail to take, take incorrectly, abuse, or misuse. I want to go through each deduction step by step to discuss which ones you should be considering for your own business and the different ways you can interpret them in terms of whether they are applicable to your business. Now, it's important to note that this video is not tax advice, cannot be considered tax advice, and isn't tax research. You cannot save this video and then use it in an IRS audit to support your claims. It's crucial that you consult with your own tax preparer or accountant for specific advice. I strongly recommend hiring a professional tax preparer for this, but if you don't have one, you can contact me for assistance. Now, let's briefly talk about the IRS. In the United States, there are 28 million small businesses, and almost all of them file some form of tax return, whether it's a business corporate tax return, LLC partnership, S corporation, C corporation tax return, or a personal tax return if the business owner operates as a sole proprietorship or a single-member LLC. There are reasons why people choose to incorporate, including legal and branding reasons. However, one of...