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

Business form 4562 error

I am getting the attached error, but I am unable to uncheck that box. Moreover, I believe that this asset (computer) qualifies for the 100% special depreciation allowance in 2025. Finally, I will note that the software was not giving me an error on t... read more

TurboTax Business - Allocating K-1 Lines Differently Between Partners

My LLC sold property and the allocation of 1231 gain between partners is a different percentage than the allocation of ordinary income. Since TurboTax allocates each income line using the same percentage, I need to manually adjust the 1231 gain line ... read more

Reporting Gambling Income - Session Method

Is TurboTax planning to add the capability of reporting gambling activity using the Session Method of tracking/reporting wins and losses? I can't imagine I am the only tax-payer in the United States who files with TurboTax and elects to use the Sessi... read more

I changed my small business work description and need to update my Business Code. It didn't automatically update and I can't edit it. What am I missing here?

I think my version of TT2025 is not working correctly. When updating Business Income and expenses, the inputting of the new $$/Values, I am see 0.00? what? Help!

Desktop Programs is NOT updating values I am entering for 2025, and show's zero when comparing to 2024. For example, mileage shows No benefit or deduction, even though, I claimed similarly to 2024. Same for all Biz expenses. I think this download is ... read more

Ebay Sales questions

Hello My wife and I have an ebay store. We made 8,000 roughly last year but then had 3,300 in shipping fees, refunds, ebay fees, etc. Two questions: 1. It gives you an option to write off your home office, but when I do it is says "Does not qualify".... read more