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

I have a small K1 loss which has been a part of my return with Turbo Tax for many years. The loss will not register or calculate, nor will the form upload to forms.

This year, the answer is that there is a glitch with K1s and I have to pay for help. Is this true? It is a simple K1 and the form won't upload either. I've had this same K1 for many years.

Can you reload 2024 Sch E item that was mistakenly deleted. I need it to complete the 2025 tax.

Turbo Tax Business incorrectly flags Qualified Improvement Property as not eligible for Special 100% Depreication Allowance

I’m receiving a validation error in TurboTax Business that appears to incorrectly disallow 100% bonus (special) depreciation on a properly classified Qualified Improvement Property (QIP).Return and Asset DetailsReturn type: Partnership (Form 1065 wit... 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

Does anyone know of any software that handles 1099-R forms for an estate? This TurboTax Business is incredibly inept.

I need software that lets me handle a 1099-R made out to the estate of a decedent.

how does a donor advised fund get entered into the charities section?

particularly if only a portion of this year's donations will be applied to the current tax year

Dispose of asset

Two person LLC - sold a truck which had a section 179 deduction and was fully depreciated. I answered the questions and input the sale of the truck. TT has entered a code L in box 20 on the K1 which only accounts for the section 179 deduction. There ... read more

Selling a rental property

After 23 years of owning a rental property, I sold it this past year. I assumed I was going to pay Capital gains on the sale of it. Instead, TurboTax is listing it as income and I am getting walloped at a high tax bracket. Is this correct? I thought ... read more