Uploaded February 2024 | Updated September 2026, 1 week ago
Are you handling an S Corporation tax return on your own? You might want to think twice. In today's video, I'm going to dissect a self-prepared tax return for an S Corp that's riddled with mistakes – and believe me, it's not a rare sight.
DIY tax software can seem like a foolproof option until you realize the devil is in the details. The tax return I'm going to break down is a perfect example of how a little "saving" on professional fees could end up costing you big time.
Watch as I highlight the pitfalls of this S Corp return, and learn how to avoid these errors to keep your finances in check.
Don't risk costly mistakes with your S Corp tax returns. Join me as I reveal the pitfalls of going it alone and how to avoid them. Like, subscribe, and get your tax strategy on the right track today!
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/zM8iqwlPH70
youtu.be/Z0jtyr3VKQs
youtu.be/QC2XWhulY24
youtu.be/gT5_8nGWL0w
Thanks for watching my video on, Should You Self-Prepare Your S Corp Business Tax Return?
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Why You Do Not Want to Self-prepare Your S Corporation Tax Return
01:02 - Form 1120-S U.S. Income Tax Return for an S Corporation
01:43 - Income and Deductions
03:16 - Page 2. Schedule B. Other Information
03:40 - Does the Corporation Satisfy Both of the Following Conditions?
04:25 - Schedule K. Shareholders Pro Rata Share Items
04:50 - Schedule L. Balance Sheet per Books
05:27 - Schedule M-1. and Schedule M-2.
06:15 - Schedule K-1 (Form 1120-S)
07:28 - Form 4562. Depreciation and Amortization
08:21 - Section B. Information on Use of Vehicles
09:01 - Conclusion: Self-preparing Your S Corporation Tax Return
Replay Video Link: youtu.be/S6hNWXm7TSU
#businesstaxes #taxreturns #taxreturn
Are you handling an S Corporation tax return on your own? You might want to think twice. In today's video, I'm going to dissect a self-prepared tax return for an S Corp that's riddled with mistakes – and believe me, it's not a rare sight.
DIY tax software can seem like a foolproof option until you realize the devil is in the details. The tax return I'm going to break down is a perfect example of how a little "saving" on professional fees could end up costing you big time.
Watch as I highlight the pitfalls of this S Corp return, and learn how to avoid these errors to keep your finances in check.
Don't risk costly mistakes with your S Corp tax returns. Join me as I reveal the pitfalls of going it alone and how to avoid them. Like, subscribe, and get your tax strategy on the right track today!
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/zM8iqwlPH70
youtu.be/Z0jtyr3VKQs
youtu.be/QC2XWhulY24
youtu.be/gT5_8nGWL0w
Thanks for watching my video on, Should You Self-Prepare Your S Corp Business Tax Return?
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Why You Do Not Want to Self-prepare Your S Corporation Tax Return
01:02 - Form 1120-S U.S. Income Tax Return for an S Corporation
01:43 - Income and Deductions
03:16 - Page 2. Schedule B. Other Information
03:40 - Does the Corporation Satisfy Both of the Following Conditions?
04:25 - Schedule K. Shareholders Pro Rata Share Items
04:50 - Schedule L. Balance Sheet per Books
05:27 - Schedule M-1. and Schedule M-2.
06:15 - Schedule K-1 (Form 1120-S)
07:28 - Form 4562. Depreciation and Amortization
08:21 - Section B. Information on Use of Vehicles
09:01 - Conclusion: Self-preparing Your S Corporation Tax Return
Replay Video Link: youtu.be/S6hNWXm7TSU
#businesstaxes #taxreturns #taxreturn
