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

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

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 cannot import 1099 information from brokerage accounts.

TT Business not allowing section 179 for HVAC in commercial property

I am using TurboTax Business and it will not allow me to take section 179 depreciation on a new HVAC unit on my commercial business property. Has the software been fully updated with respect to the current tax laws?

Can LED Christmas light bulbs, clips, and cord be depreciated for my seasonal business? I own everything and lease to my customers.

I believe they qualify for depreciation, but I cannot locate a suitable asset category when entering it online.

Can I just not bother with Roth rollover 1099-Q and a fully supported 1099-Q/1098-T?

Every year it's the same nightmare, trying to enter a 1099-Q from a 529 to Roth rollover and a 1099-Q with matching 1098-T when the 1099-Q funds are completely used for educational expenses. Support just tells me "yeah, looks like that's broken, just... read more

Form 3115 Part II, Items 14 to 16 and Part IV Explanations

I am correcting the Schedule E accounting error and need to complete Form 3115. It requires you to separately write an explanation and calculations. I understand I have to submit the form 3115 and supporting documents separately to the Ogden, UT offi... read more