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

Turbotax Business error when generating K1

I have efiled the State and Federal returns, and am now trying to generate the K1 for a fiduciary trust. When I try to save the pdf or print the pdf, Turbotax displays the following message:The partner/shareholder information is in the Federal and St... read more

MN 70301 Bonus Addback – Line 2b Not Populating (State Depreciation Basis = $0)

After the 2/13 update, Federal reviews clean. Minnesota return fails review due to an issue on the "Adjustments to Federal Taxable Income (FTI) Smart Worksheet."Details:Line 2a (Sec. 70301 bonus addback) is correct and equals exactly 60% of federal b... read more

Box 14 on my W-2 is pretax benefits such as health, dental and/or vision. I live in NY. Which category from the dropdown menu do I select?

1099-NEC for NQ share repurchase proceeds

Situation: I received a 1099-NEC but I'm not self-employed. I received this form because my previous employer decided to repurchase my shares (which I had purchased with after-tax dollars after exercising NQ options). The amount listed on box #1 /Non... read more

Turbo Tax Business incorrectly flags Qualified Improvement Property as not eligible for Special 100% Depreication Allowance

I’m receiving a validation error in TurboTax Business that appears to incorrectly disallow 100% bonus (special) depreciation on a properly classified Qualified Improvement Property (QIP).Return and Asset DetailsReturn type: Partnership (Form 1065 wit... read more

how di complete t1032

need help completing t1032 form

Schedule 1 Adjustments to Income

I received an erroneous Form 1099-K and need to back out the amount reported. According to the IRS, the amount reported should be entered on Schedule 1 , line 8z and backed out on Part II, line 24 z with a description of “received in error.”. I canno... read more

multiple 8881s?

I want to claim the "Small Employer Auto-Enrollment Credit" for both my business and my spouses (separate) business. Do I need to submit two 8881s or somehow type $1000 into line 9 instead of $500?