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

box 14 reads 414H code what category description do I pick in the drop down

can 1099s (pdf, xml, or css) files be input into TT desktop or only the online version

I have TT desktop but I see no way to input the 1099 files from BoA or Schwab, though they apparently have been uploaded in the online version. How do I do this in the desktop version?

How to handle the trustee fee correctly？

This is an irrevocable Trust and has its own TIN. I read that the Trust is not treated as a business, so there's no need to issue 1099-MISC to the trustee regarding the fee. Then, how is this fee reported to IRS (or not)?

I have edited utility expenses on my Schedule E, but the new amount does not seem to save. How can I make it save?

Is there only a percentage of actual expenses for ental properties that is allowed?

Asset depreciation availability issue

I am trying to add my AC replacement cost for my rental but I get a screen on TT that says Depreciation and Amortization will be ready in February and maybe sooner. But Form 4562 is already released by TT, so why am I getting this screen and what am ... read more

1099 import from Ameriprise was called a success but information is not downloaded into turbotax home and business.

I'm using Turbo tax for home and business. When trying to import my 1099 from Ameriprise Financial, I get this message. "Success! We got your tax data. You can now return to TurboTax." When I return to Turbo tax the data has not be added.

Can TurboTax Home and Business prepare a form 1041 for a trust and generate a K-1 for my personal return?

Solo 401K and Solo ROTH 401K for sole proprietor LLC

My wife is a sole proprietor (58 years old) with an LLC. She receives a 1099-NEC. She has only had a SOLO 401K until 2025, and never had a problem with Turbo Tax reporting. i.e. in 2024 tax year she contributed $30K (including catch up) plus a compan... read more