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

get my 2026 federal tax estimates?

What Category do I choose for UA in box 14

Enter conversion of despreciable asset to personal use in TT - Form 1065

My wife and I are partners/members of a partnership/LLC that owns a charter sailboat. The boat was in charter from October 2021 until July 2025. Relevant details are:The boat was based in Tortola, British Virgin Islands. Therefore, ADS must be used t... read more

Rental Real Estate Expenses not calculating correctly for Turbotax Business 2025

In Turbotax Business 2025, the "Other deductions" entry in Rental Real Estate is not summing the entries properly. The total in the summary is $26,539, but the sum of the total entries is $25,958 for a difference of $580.79. This appears to be a bug.

sch IN-529 plan account numbers are only 9 digits

When trying to complete the tax return I am getting an error saying I need to "fix" the entry for the sch IN-529 account number. However, my account number only has 9 digits but has a dash as the 10th digit. Also, the account numbers start with "60".... read more

Business 1041 Trust Home Sale not treated as Capital Gains

All figures are approximately rounded numbers for simple mental math:Parents' home sold after Mother's death 2025Father passed away 2015house was owned 50/50% eachhouse has licensed appraisal for date of death for each parent. filling out Father's tr... read more

form 8829 Gross Income Limitation in simplified method wrong

Hi - I am having issue i cannot seem to figure out. On form 8829 the gross income limitation is not pulling correctly from my Schedule C. I have 50K in 1099 revenue, 10k of expense so a profit of 40K on line 29. But on form 8829, for the Gross Income... read more

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