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

Inventory

I started a new business is 2024. I filed my own taxes and, being a the first time filing a business, I neglected to fill out the inventory at the beginning and end of 2024. Since we now have a great deal of inventory, it doesn't seem to make sense t... read more

How can I correct this entry? Qualified Business Income Component wkst/

Ref Code 7-066-538

I can't delete form IT-398

My NY 2025 taxes rejecting because it says that form needs a product update. It says the product has been updated, but it still rejects it. When I go to tax tools and delete that form, it lets me but then it populates again.

Is damage to home from the Eaton fire considered an NOL (Net Operating Loss)

Box 14. I have code 6 and don't know the category it corresponds to in the drop down menu that I have to choose from

I am filing my Lyft deductions. Under Business Summary and "Qualified Business Income", it keeps popping up that it "Needs Review" no matter how many times I complete it.

I have answered all the questions to see if I qualify. All work took place in the US. None of the work was for a former employer. I do not have deductions for Rideshare that I will claim elsewhere.

2 member llc with death so now single member llc - i forgot to check FINAL on my 2024 1065

I have 2 member llc, but due to a death in 2024, it is now a single member llc.I filed 1065 in 2024,but- i forgot to check FINAL on my 2024 1065.How do I check FINAL on my 2024 return?