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

48E General Credit Carryback

Research is telling me that Form 3468 Part V 48E credits should be able to be carried back 3 years. Is this true? In turbo tax 2024 under Form 3800 carryback I see the option for the Part V carryback identified as 1v, but going past that ( turbo tax ... read more

1120 s corporation tax return for state (louisiana)

I have been purchasing the Turbo Tax Business Tax Return (Windows-desktop vesion) for the last few years. I have also purchased the state version to file online for the 1120 S corp tax too. Today when I purchased the program and inquired about purcha... read more

Schedule F profit and loss

I am having trouble with schedule F profit and loss form, when i get to where you enter says Sorry something went wrong. When i talked to a agent she told me that IRS was having trouble with this form. Can anyone let me know when it will be fixed. Th... read more

Error- Cannot enter farm income, information, nothing! On phone with turbotax for 38 minutes, with no resolution!

Is anyone else getting error messages when trying to enter farm income? I have spoken to a rep, cleared all browsing history, deleted my forms completely and started over, tried different browsers, tried different computers, and no resolve! When I cl... read more

I purchased TT home & business version of the software, assuming I can file 1065 for my business that is a partnership. The current version of TT doesn't allow form 1065.

How do I upgrade from current version to the one that allows me to file 1065

This seems contradictory:This business is part of the following activities: This business is independent of any other activities. (Part of an aggregated business.)

When asking whether a business should be treated as combined businesses, there is a button that says "This business is independent of any other activities. (Part of an aggregated business)." The parenthetical part sounds contradictory to the first pa... read more

How can I remove QBID?

Qualified Businness Income Deduction is noted yet I never entered any information related to this. I need it removed before I can file.

Georgia State Tax Form for IT QEE TP1 it is entering it twice once for Education Expense Credit and for Business and Individual Credit

I am getting two credit entries for the IT QEE TP1 - Qualified Expense Credit.1 for Education Expense Credit2 for Business and Individual Credit I am just an individual that contributed to it. How do I fix this?