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

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

Georgia Net Worth Tax

This question is a two parter. First, I didn't realize I needed to file an initial net worth tax return when my llc was approved to be taxed as an S-Corp this year. I don't expect to need to pay any tax. I've already filed my 2025 State tax return (6... 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

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

Where do I find my Passive Operating Loss to enter on Schedule E?

TurboTax has not calculated this for me automatically.

Tracking unused FICA credit?

Hello, I became a passive investor at a new restaurant from 2023. I didn't receive any K-1 until late 2024 so I have to amend my 2023 and 2024 returns. My main goal was to track the business losses for the first couple years when it started. I have a... read more

GRANTOR TRUST - IS THE TAX PREPARER THE FIDUCIARY IF APPOINTED BY TRUSTEE?

My Sister-in-Law has dementia and is in an assisted living facility. She is the Grantor for a Trust. Her Sister, my Wife is Trustee and her POA. I am a Successor Trustee and am preparing the Trust 1041. On the Fiduciary Information Worksheet, I enter... read more