Get No (if Yes, See Page 2)

Line 23 Taxes and licenses: Enter sales tax remitted to your state, and the cost of any other taxes or business licenses you've paid. Line 27a Other Expenses: Etsy fees, PayPal fees, membership or subscription expenses, everything else!

Line 27a: Other expenses―List any business expenses that you didn't report on Lines 8 through 30. You'll provide the detail of these expenses in Part V of Schedule C.

On Line 23, total your dividends and inclusions. On Line 24, total your special deductions.

Determine How Much You Owe That's what the final section of Form 1040 is for. It's called, appropriately enough, “Amount You Owe.” On Line 23, subtract Line 19 from Line 16 to get the amount you owe. On Line 24, enter any penalties owed if applicable.

Line 23 requires you to write in certain other additional taxes you paid, like self-employment tax, as found on Schedule 2, line 21. Line 24 shows you your total tax after you add lines 22 and 23. This is the amount of tax you actually owe for the year, before factoring how much you already paid or other tax credits.

The IRS warned back in November 2022 that “refunds may be smaller in 2023” for various reasons, including the lack of economic impact payments last year and the greater difficulty around deducting charitable contributions.

The following are some of the reasons why tax returns take longer than others to process: Your tax return includes errors, such as incorrect Recovery Rebate Credit. Your tax return Is incomplete. Your tax return needs further review in general.

How is Employee Retention Credit Reported on Tax Return? It appears now that ing to the most recent IRS guidelines, the employee retention credit should be recorded on Form 1120-S, line 13g, Schedule K, and Form 5884. This results in a Tax credit on K-1 that may be utilized for 2022 federal return taxes.