Business Owned and Operated by Spouses 6060 Tax Preparation 2023-2024
Channel: Accounting Instruction, Help, & How To
Date: 2024-04-07

Business Owned and Operated by Spouses
Tax Preparation 2023-2024
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv5z5yILFZbmY3xGO-B6sCKQ
Quizlet Course: https://quizlet.com/join/ryFQgpkBD

0:00 Introduction: Mention of income tax for 2023
1:00 Individual Income Tax Formula: Similarity to Form 1040 calculation
1:30 Schedule 1 Additions: Discussion of additional income from Schedule 1
4:46 Business Owned and Operated by Spouses: Introduction to the complexities of joint ownership
11:15 Exceptions and Elections: Community Income
17:47 Recap of the challenges and options for spouses in business: Caution regarding entity types and community property laws

"Welcome to our latest video on income tax for 2023 and the complexities faced by spouses operating businesses together. In this informative session, we delve into the intricacies of the individual income tax formula, including Schedule 1 additions, and discuss the unique challenges encountered when spouses jointly own and operate a business. Learn about exceptions and elections available to married couples, as well as valuable insights on maximizing Social Security benefits. Don't miss out on essential tips for navigating tax laws and optimizing financial strategies for spouses in business. Subscribe now for more expert advice on tax planning and small business management!"