Small Business, Farm & Startup Tax Forum

Business & farm

LLC DR 15 Florida

I need help filling out a Florida DR 15 form for an LLC

We started an S-corp for a small business that never took off. We never filed Form 1120-S. What should we do?

My spouse and I started an S-corporation to pursue our small business idea in July 2021. Unfortunately, we rushed too quickly into our dreams and our business never took off. We never brought in any gross or net profits. Aside from IRS Form 2553, we ... read more

Estimtated Taxes

I switched my sole proprietorship to an LLC in March, i currently pay estimated taxes on my sole proprietorship should I transfer the estimated taxes to my new LLC?

Is Actor. a Qualified Business Income?

My brother is an actor and does small acting jobs. Some he gets paid with W-2's, and some with 1099 NEC. He doesn't have his own company yet. Does this qualify for NEC? Also, he does work such as filming auditions from his apartment he pays rent for.... read more

Is hairstylist a Qualified Business Income?

A sister is a hairstylist. She doesn't own her own salon yet, but does work at her apartment or goes to clients places. She gets paid with W-2's and 1099 NEC. Would this be a Qualified Business Income? Also, she does work at her apartment where she p... read more

Paying dividends and wages in a C corp

I am in California, and I am thinking of forming a C corporation because I do not plan on making any significant amount of money and the idea of being able to put money back into the business without it being initially taxed in the form of retained e... read more

QBI on rental income with Section 1231 capital gain from property sale.

I sold my rental property held by a multi-member LLC. I had 9K of rental income and 200K of capital gains. Previously, I received a QBI deduction on the rental income, but no deduction this year. I understand the QBI deduction is not applicable to th... read more

Why is box 8 checked on form 4868

i am not out of the country

Final Return for an S Corp-How do I file a final return if I dissolve June 30, 2023

I am dissolving my S Corp on June 30, 2023, how do I file a final return? There is no Turbo Tax year end 2023 so How do I file my final return? Thank you for your help in advance.

Closing Sole Proprietorship question

If I stopped actively participating in business at the end of April, but received some customer payments in May for April's work, do I report that the business was closed at end of April or after last payment received in May? Also, because of those p... read more

Form 568 shows error due to special depreciation allowance as per federal and not allowed as per CA state

Form 568 shows error due to depreciation allowance as per federal and CA state. Where do I make the adjustment to remove the error?

I am filling tax info from a K-1 input that includes a k-3 form. If I have 2 partners - do I then split the original k-3 information into 2 k-3 forms . 1 for ea partner?

Form 1065 p4-5: Sch K, Line 20c

I'm working on my LLC taxes, and on the error check it says to check this entry: Form 1065 p4-5: Sch K, Line 20c Amt: Other items to report separately must be entered.the line highlighted shows: N Business interest Expense, but I did not have interes... read more

Notice CP162A How can I pay !!!

Hello, I received notice CP162A, and I'm trying to pay it online through EFTP or payUSAtax, but I don't see the option for form CP162A. Is there another form to choose it?

SECTION 199A INFORMATION, BOX 20, CODE Z (STMT)

I have multiple items for Code Z (STMT). How do I enter that in Turbo tax? Do all these numbers need to be entered? DESCRIPTION AMOUNT----------TRADE OR BUSINESS - ORDINARY INCOME (LOSS) -ZZZPASSTHROUGH - XXXXEIN: XX-XXXXXXX ORDINARY INCOME (LOSS) -A... read more