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Yo yo yo CPA strength back again strongest CPA guy anyway we're gonna do we're gonna talk about Kate ones right now we're just gonna talk about what it is where it comes from comes from a pass-through entity big pass-through entities are s corpse and partnerships we're gonna focus we're going to focus on k1 from an S corp today an 11 20s okay now it's called 1120 s and S Corp I should put escort escort is a pass-through entity meaning the entity itself doesn't doesn't pay taxes on the income or loss it passes through to the shareholders and it passes through via a k1 so I'm going to show you one second but you're gonna have you're gonna have your 1120s tax return and then it's gonna then the shareholders are going to get K ones from from the income or loss from the pass-through entity from the 11 20s and those K ones are going to go through to the to the shareholders personal tax returns so let's go we have 11 20s it files its own tax rate it's gonna file its own tax return so we have the 1120s the escort makes a profit of $10,000 now it has two shareholders Tom at 50 percent in Marion 50 percent this S Corp is going to file a tax return it's going to send it to the IRS the IRS is going to get it and it's gonna say oh okay there's there's two K ones here Tom Tom and Mary both fifty percent so the IRS is gonna know already with the filing of the 1120s you know they're gonna be waiting for those K ones to come in by the Social Security number on the K ones so anyways the escorts going to file it's going to have it's gonna have a profit of ten thousand dollars there's two shareholders so they're 50 50 50 50/50 owners 50% each on a k1 basically you know there's there's a lot of lot of sheets maybe 10 to 20 pages depending on what's going on in the escort and a couple of the sheets are going to be k ones you have two K ones you're gonna have Tom with his k1 it's gonna say $5,000 profit it's gonna have some other stuff too everything took shareholder distributions or a bunch of other stuff but I mean I want to focus it on the profit so you had $10,000 profit with two shareholders so there's gonna be $5,000 profit on times kt 1 and then $5,000 profit on marries k1 then it's going to pass the decay ones are going to go from you know really emil the the 1120 SDS corp and the reason it's a pass-through entity because the profit or loss passes through to the personal tax returns to the 1040 and you got Tom's 1040 first page of the 1040 first half of it is is all the different.