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

k

What does the K stand for in box 14 state of Washington

TBTx desktop for Business 2025 will not download

I use TbTx Advantage and purchase the desktop for Business every year. I can't get the 2025 product to download..... clicking on the "download" button is not working in my account on the product page. I've tried different PCs and different browsers. ... read more

How to Enter Negative Number on K-1 Line 14H

On my Schedule K-1, Form 1041, I have an amount of $9640 in box/line 5, and on line 14H the same amount but as a negative number. I have entered the amount for line 5, and when I do it changes my estimated refund. But Turbotax won't allow me to enter... read more

Has anyone else encountered an issue with Form 8829 where the Gross income limitation is negative when it should be positive?

In the simplified Method Smart Worksheet box, line A is gross income limitation. Based on last year, this should come from Schedule C line 29. Line A is populated by the program and cannot be modified as far as I can tell. In my case it shows the neg... read more