Small Business, Farm & Startup Tax Forum

Business & farm

Employee vs Contractor: Which is correct?

As a business owner, it’s important to know how you should treat payments you make to the people who work for you. The simplest explanation is that an “employee” has taxes withheld from their paychecks and receives a W-2 at tax time - while “contract... read more

LLC, Sole Proprietor, S-Corp, Partnership: What’s the Difference?

Creating a Limited Liability Company (LLC) is a common first step when starting a business, and there are good reasons. It’s a legal entity that potentially offers liability protection, but it’s usually easier and less costly to create than a corpora... read more

Can I Deduct My Home Office?

Working from home has its pros and cons! And if you do work from home, a juicy tax break would be a great bonus. Typically, being allowed to take a deduction for your home office is limited to self-employed individuals on the federal (IRS) side, but ... read more

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

Is interest earned on a sch C business subject to employment tax? 1099-INT has the business EIN. If not, where is it entered instead of Other Income on Schedule C?

I have an LLC in ohio that I get two different I come revenues from. How do I file a seperate schedule C for this and where in turbo tax to I enter this.

S-Corp Accountable Plan - Questions regarding home & vehicle expenses

Hi,I am operating a small business S-Corp with 2 members. I plan to have an accountable plan for deducting my home office and vehicle expenses. I am not clear on a few things and hoping to get those cleared up quickly. While setting up an accountable... read more

Bonus Depreciation for Vehicle under 6000 pounds erroneously being 100% rather than 20,200 limit

After selecting vehicle under 6000 pounds, and then yes for bonus depreciation, the TT Business software is giving it 100% bonus depreciation rather the the $20,200 limit for that asset class. Is there a way to correct this?

IRS Section 1033 details

eminent domain

Hello, I filled in the business income and deductions, but TurboTax did not generate a schedule c in 2024. Does anyone know why it would not have generated one?

The amount shows in the right section on my 1040 with the business income after all the deductions.

Accrued interest paid, tax-exept interest, & taxable interest

I have taxable, tax-exempt, and accrued interest in 2022. Tax-exempt interest was entered in line 2a, 1040. The Accrued Interest paid was entered as an adjustment to the full amount of the taxable interest. It reduced the full amount of the taxable i... read more

643 (e) (3) election

I am ready to file form 1041, but still need to troubleshoot 1 item - The box for 643 (e) (3) election is not checked on page 2. IRS instructions indicated including Schedule D form with return and attaching a statement indicating the Estate would li... read more