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

IS A FORM 1040 SR AUTOMATICALY USED FOR PEOPLE OVER 65?

Does Turbo tax used a form 1040 SR?

how to complete form 1-a

where to complete form 1-a

S Corp

I have an S Corp. The ONLY income is paid with shares of a publicly traded stock (RSUs that vest upon grant). I prefer not to sell the shares. Can I simply transfer the shares as payment of wages / commission and/or a distribution of profit?

I put in my box 14 exactly how it is on the form and it says it’s duplicate

I have this one error that I cannot resolve: net income allowable to qualified payments to agriculture or horticulture coop. I have negative gross income.

I keep getting this one error about a 1099-PATR line K1 in my worksheet. It asks for "net income allowable to qualified payments to agriculture or horticulture coop" but I have none of this income. How can I resolve this error? I do have a a loss of ... 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

Correcting 1099 to $0

Hello, I see this was an issue last year as well. I need to file a corrected 1099-NEC for $0. When I attempt to do so via TurboTax, I am told the form is incomplete because there is no amount (even when I type in $0.00). Please help me fix this fast ... read more