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

Where do I enter information from form 5674?

On my tax form

How do I resolve: Check this Entry Capital Asset Sales Worksheet, Is this a Digital Asset Y/N

How get Loss Carry Forward from 2024 when manually entering numbers - no Schedule D seen in Premium Turbo Tax?

How do I fill out Schedule D manually?

can i deduct my widows that were put in by renwal by anderson when they're financed

How do I enter Form 502SU?

I have a tax credit to put in using form 502SU. I cannot get TurboTax to add it.

Partner is a Disregarded Entity - the Beneficial owner is a Partnership

Hello, Thank you for the help. I am using Turbo Tax Business Desktop. I am working on a 1065.The partnership has 2 partners. Partner 1 is an individual and Partner 2 is an LLC. Partner 2 is a single member LLC, making it a disregarded entity. Partner... read more

I keep getting error message: "Form 1116 (Copy 1): Line 33 should be blank" for an $18 FTC. Line 33 IS blank. I can't proceed to e-file and release the returns.

Line 35 in Part IV shows the $18 FTC indicating: "DO NOT FILE FORM". The error message seems to indicate a software issue. Any help would be appreciated.

Changing Business type from rental income to income only

My sister and I have an LLC that only holds a building with residential and commercial spaces. In 2024, we sold the building on contract. 2024's tax return included partial rental income and interest income. 2025 was only interest income (1099-INT). ... read more