Small Business, Farm & Startup Tax Forum

Business & farm

Easily File 1099-NEC or W-2 Forms: Quick Employer Forms (QEF)

Did you pay someone to help with your business? If so, you might need to file a W-2 form for an employee or a Form 1099-NEC for contracted help. If you have bona fide W-2 employees, you’re probably already withholding taxes and you know those W-2 for... read more

Vehicle Deductions: All You Need to Know!

Do you want to drive away with massive vehicle tax deductions? Before you race to the tax-filing finish line, there are things you need to know to ensure that tax win! While vehicle deductions can be huge, there’s a great responsibility to thoroughly... read more

Self-Employed: Don’t Miss These Tax Moves!

You don’t know what you don’t know! For example, did you know that many self-employed taxpayers qualify for a health insurance tax deduction? Or did you know that if you don’t file the proper forms for employers and contractors (on time), the IRS cou... read more

Quick Links for Self-employed & Gig Workers!

Having a business is both exciting and rewarding! But it can be confusing if you don’t know what it means for your tax returns. Whether you’re starting off and plan to conquer the world with your new business, have a side gig for a little extra cash,... read more

Please review the Schedule K-1 Worksheets to ensure that the total of all applicable percentages (ratios) equal 100%. how do I modify this entry

I have a check this entry I don't know where to review K-1 worksheet to check

CO K1 Inputs don't match form?

Hello, Unfortunately I have a K1 with many states. The input regarding the K1 for Colorado is an outlier... The TurboTax interface asks about "Schedule K1 Increases" and "Decreases".How is this info gleaned from the CO Schedule K-1 Equivalent form? T... read more

Need assistance, got notice from irs to submit documents to support returns on Schedule E , Now i want to delete schedule E return claim. What to do now

Converting business property to rental property

I closed my restaurant last year and started leasing the building and equipment this year. How to I account for the conversion of the building and equipment from business property to rental property? Some of the equipment is fully depreciated and som... read more

RENTAL EXPENSES FOR PROPERTY NOT RENTED

I HAVE A PROPERTY UP FOR RENTAL THAT IS NOT YET RENTAL, HOWEVER I HAVE OVER 100K IN RENTAL EXPENSES TO GET IT READY FOR RENTAL. IS IT TOO MUCH TO WRITE OFF ON MY 1120S ON FORM 8825?

Can someone help me figure out estimate yearly retail and service gross receipt for my new perfume business I need to show this to obtain business license

It’s filing a business license I am just starting a new business and want to sell perfumes I can’t imagine especially in the first year I will sell more than 30000 bottles $1-10 per bottle so now to I complete the tax calculation section on business ... read more

If a partnership filed a composite tax return for a specific state, then do I have to file that state tax return as an individual?

special assessment credit during escrow

I own a property that is a rental that I have rented for 10 years. Due to negligent maintenance by the prior HOA board and management companies a new board has been surveying the state of the complex, getting new reserve studies, etc. For all the def... read more

K-1 schedule not printing

I'm using Turbotax Home & Business on Macintosh. When preparing a personal return including Schedule K-1 from an S Corporation, the K-1 Schedules are not included in the copy of the return I print for review. They are also not in the copy that I prin... read more

Form 8995A populates a field with a ghost K-1

Turbo Tax populates an amount on line 28 of Form 8995-A, even though we have never owned or reported either PTP income or REIT dividends. When I check the data source, it lists two ghost K-1s but these K-1s don't show on the document list and cannot ... read more

Quarterly tax payments for bond payments or stock gains

Do you have to make quarterly tax payments for short term gains in stock/futures sales or US gov't bond payments? If so, can I do that through Turbo Tax and download any gains directly from Charles Schwab?