Can Sole Proprietorship owners receive W-2 Income from their own company?
Yes
No
On Business Taxes (1065 and 1120), where should you look to see qualified income?
First Section of tax return after expenses
Schedule K-1
Schedule C
W-2 Form
Above what percentage of company ownership do you have to have to be considered self-employed?
25%
50%
75%
100%
Is there any circumstance under which W-2 income can be used for self-employed individuals?
Yes
No
On a 1040, where are the two places you should look to get the best idea of qualified income amount?
Schedule 1, Line 9 & Schedule E
First and second page of tax return
Schedule C & Schedule A
You'll never get a good idea of qualified income no matter where you look
Do pass-through businesses (shell entities housing other businesses) require a P&L and Bank Statements
Almost always Yes
Almost always No
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