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

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

where do i find the schedule 1-A

where do i put my overtime

Form 1041 Distributions to Beneficiaries

Is transfer of stock considered distributions to beneficiaries and reported on Form 1041 allocated to each beneficiary? The beneficiaries wanted the stock instead of selling. Thanks

Cash contribution made to my LLC, where in Turbotax Business to you enter the cash contribution amount?

Overtime deduction calculation

My base pay is $19/hour. My overtime pay is $28.50/hour, so my overtime premium is $9.50/hour. I worked 63 hours of overtime, so my non-taxable overtime income is $598.50 (63 x 9.5) and this is the number reported in box 14 on my W2. I have two other... read more

Arizona Form 323 is a little messed up

I tried to enter information on Arizona Form 323 (Tax Credit for Private Schools). In part 1, it starts with a section to enter a school name, address, and date of the contribution, but no place for the amount donated. I can enter data there. After t... read more

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?