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

IF I print my forms, will they be submitted to the IRS at the same time?

Turbo Tax PA section "Schedule K-1 summary - partnerships instruction: To add a Schedule K-1, go back to the federal topic for partnerships. It's already in the Fed part

Enteering PTET for Indiana State Return 2025

I have a pass through entity tax credit that needs to be reported on Indiana Schedule 3. Where do I enter this information in Turbo Tax for 2025? Last year there was a link on the "A few things before we wrap up you state taxes" page, but it is not t... read more

How to enter partner deemed distributions on 1065 schedule k-1 Line 19 code D. This is for the decrease in partners share of liabilities.

How can I add a second Form 8949 to my return?

In addition to short and long term dividends, my 1099B includes "Undetermined Term Transactions for Noncovered Tax Lots." My 1099B advises me to enter the data under Box B of Form 8949. However TurboTax has only generated one Form 8949, and it alread... read more

In box 14, I have a clergy housing allowance; do I use the category "other/not classified" or is there a specific category I should use?

vehicle taken out of service and sold the following year

ok I'm just stumped on this for some reasonI had a truck in my business which i put in service in 2019 and took it out of service in 2024 but did not sell it now doing my 2025 taxes I need to put that I sold this vehicle in 2025 this is the question.... read more