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
We are in a partnership with property in another state. Last year, we
spent 9 months working on those properties and living in an RV. Is there
a limit on the number of days of per diem for "Meals & Incidental
Expenses" that can be charged as business...read more
I received a one-time permanent utility easement and takings settlement
payment from a utility company for their construction of power lines
across farmland owned and occupied by my father as a life estate, with
my brother and I as the fee simple own...read more
law56Posted yesterday
| Latest post yesterday by
SharonD007
Code AJ is for "Aggregate Business Activity Total Deductions". Turbotax
seems to be struggling with form as it was held up for filing until now.
Then it was held up again due to a problem with K-1 line 20 code AJ. Now
that is fixed but it seems that ...read more
DibertPosted a week ago
| Latest post yesterday by
Dibert
When ending a business (unincorporated sole proprietorship with no
employees or inventory), do we need to do anything other than check the
box "I sold (or disposed of) my business in 2023"? For the question "did
you dispose of the business in either ...read more
Scenario: For ease, here are simple facts. Home purchased by married
spouses in California in 1997 for 500,000 (community property). One
spouse died in 2019 and FMV of home (based on appraisal) was $1,000,000.
Surviving spouse sells home in 2023.Publ...read more
First off, thank you for taking some of your valuable time to read and
reply! I am a first time filer and I have already filed for my 1120S
extension. Now, I am trying to understand the difference between
Turbotax Business Desktop ($190) and Turbotax...read more
There must be an error in the program. Error Schedule C car and truck
expenses worksheet - Special Depreciation allowance too large. It cannot
exceed 30% of eligible basis
I contact Turbotax before purchasing the Home and Business desktop
version and explained that I am a sole-member LLC with S-corp tax
treatment, and that my accountant already filed my business taxes (K-1 /
1120S). It was recommended that I purchase t...read more