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

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

Dates of Ownership Changes not in range error

In TurboTax 2024 business, I am setting up the partner changes for a partnership entity (Form 1065). We had changes in ownership this year - 2 members left on 1/1/2024 and 1 left on 12/31/2024. TurboTax Business 2024 presents a screen where you can f... read more

Schedule E passive loss worksheet doesn't account for profit years

I can't get past this on Schedule E passive loss worksheet. Based on answers to others, they have ended up just entering zeros to bypass the problem, which means providing incorrect data. The problem is that the form does not account for having some ... read more

Where to enter QBI Carryforward loss in Turbo Tax Premier 2024

Last year's return was done by an accountant, so that 2023 Return was showing a QBI Carryforward Loss, I can't find where/how to enter prior year that value so it doesn't get lost in the future. My business didn't have activity in 2024 so it will be ... read more

How can I fix this issue without paying more money? Turbotax is not correctly populating Schedule E Worksheet Disallowed Passive Losses years 2022 and 2023.

In schedule E worksheet, the section Carryovers to 2024 Smart Worksheet, in the table for Disallowed Passive Losses by Year and Type, year 2022 has 2023's value for S. Operating loss column Carryover Tax, and 2022's Carryover Tax value is missing fro... read more

How do I suspend QBI operating losses in 2025

I have a 37k QBI I can't use but don't wanto loose. I am using Turbo tax Hone and biz and do not see an option to suspend the loss and continue to carry it over.

Regarding using Turbotax to fill out a Colorado State tax form, where does the Colorado k1 line 12 federal deductions go in the Colorado state tax form ?

We received a 2025 Colorado K-1 form DR 0106K, note we are non-resident. Regarding using Turbotax to fill out the Colorado State tax forms, what does the Colorado k1 line 12 federal deductions go in the Colorado state tax forms ? Is there a cheat she... read more

allocation percentage

We sold our S-Corp in 2025. I have entered the sales information from the 1120S forms. This needs to be allocated 50%, but I don't see where to add the allocation percentage, so I am being charged for the entire profit. Can you please tell me where t... read more