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

I did not take any salary or wages from my S-Corp

2021 was the first year of my S-Corp. I am a solo shareholder, and I did not pay myself any salaries or wages. Company made 187k in income, and I did take 90k out of the business. After extending the duo that, now I am doing the taxes for the busines... read more

What is the other income from Schedule 1, $7,396 and why am I not able to see a breakdown of this income?

Quick Employer Forms w-2 information return marked submitted but not yet accepted

Submitted two w-2's using the quick employer forms online version on Jan. 27 and they were successfully submitted but have not yet been accepted by SSA. This took only about a day to get an accepted receipt one year ago. Yet this year have received n... read more

Help. I cannot seem to get my “Farm Fencing” entered into Turbo Tax on the 7 year schedule. Please help

Farm fence. Where is the correct depreciation schedule

What is the category for S125 in box 14? i believe this is what was taken out for health insurance

A husband and wife were partners in an LLC. The w transf her shares to h at the end of September 2025. How do I report get TTax to show the wife's 9months of income?

I changed their ownership percentages on the K-1 w/s which resulted in husband getting 100% of income on his K-1 and nothing for the wife. Where else do I need to record this transfer?

does this mean a Trust versus a Will?

We have a Trust butno K1.

Program or calculation error on Farming Net Profit/Loss Screen

As can be seen in the screen shot below, only one farm is listed. The values/calculations on the first line are correct, but on the TOTALS line, the last (Net Profit/Loss) line should match the line above and does not.