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 Forms & Instructions IRS Tax Formseitc Due Diligence and Self Employed TaxpayersEarned Eitc Due Diligence and Self Emplo 2021-2025

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Video instructions and help with filling out and completing Forms & Instructions IRS Tax Formseitc Due Diligence And Self Employed TaxpayersEarned eitc Due Diligence And Self Employed TaxpayersEarned Form 1040 IRS Tax Forms

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Instructions and help about form ds 1350

all right for this video I wanted to do a walk through of the schedule SE for self-employment taxes and this is going to be for the 2023 tax year and in this scenario what we want to do is look at a taxpayer that elects to calculate their self-employment tax under the non-farm optional method so in this sample schedule SE and tax return what we have is the schedule C Business for the taxpayer results in a net loss at the end of the year so they have a minus $250 loss and so their schedule SE for self-employment income works with a minus $250 which ultimately means they owe no self-employment tax right so on lines 12 and 13 down here we have no self-employment tax calculated and we have no deduction for 1 half of any kind of self-employment tax CU it's zero so what what would we do if instead the taxpayer made the election to calculate their SE income using the nonfarm optional method so that's where we're going to go through here so I've got the full ret

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