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

Problem with form 1040 re self employed health ins deduction

Form 1040 schedule 1 line 17 - my actual yearly premium paid was $8,293. Line 17 shows it as $14,252. My premium was input on my LLC K1 - box 13 code M as $8293. Don't know how the 1040 has almost $6000 more.

Amending 2023 Tax Return on TurboTax Desktop

Hi!I updated the 2023 TurboTax Desktop to Amend my 2023 Tax Return and was able get to the screen to transmit and e-file my 2023 Amended Tax Return. Should I click transmit or will it be automatically rejected?Please advise.Thanks!

how can i manually enter a passive income carryover on form 1116

i have an excess passive loss carryover from 2024 on form 1116 and I cannot see how to enter it in turbotax online

Form CT-1065 Partnership Income

In Turbo-Tax Business, Form CT-1065 is having similar problems to last year - where it's not populating the CT K-1s with the partnership income from the Federal K-1s. So I can't file my CT business income taxes. Is this issue going to be resolved thi... read more

Filed my S-Corp taxes this morning...and then everything disappeared

I used TurboTax Business Online. Spent most of yesterday inputting the #s and dealing with their tech support for error loops that they had to manually fix repeatedly since their software is horrible.Finally got the federal and one of the 3 state ret... read more