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
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?
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
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
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
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
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.
DCC2Posted Friday
| Latest post Friday by
tagteam
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
DeProPosted a week ago
| Latest post Thursday by
Carl
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
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?
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