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

48E General Credit Carryback

Research is telling me that Form 3468 Part V 48E credits should be able to be carried back 3 years. Is this true? In turbo tax 2024 under Form 3800 carryback I see the option for the Part V carryback identified as 1v, but going past that ( turbo tax ... read more

Why is Turbo Tax asking for my S Corp name when I enter K1 info from my Non S corp LLC

My wife and I are 50/50 owners in a multi member LLC. I completed the tax return with Turbo Tax Business and issued two K1's. I now have entered the K1's into our personal return and after entering the fields and hitting the next button TT wants my S... read more

How do I report Box 14 of my W-2 if the box 14, the line says "CA-SDI 105054.12 1260.65"? There are two numbers and I don't understand what is the right number to report.

sale of vehicle during tax year which was used occasionally for business

Hello. So here's my situation. I started using my only auto in 2023 for a side hustle business. I've tracked my business miles each year and have used the standard deduction. I traded the car in in 2025. I'm using the turbotax desktop software home a... read more

Form 1099-MISC, Line 10, Gross proceeds paid to attorney nominee reporting

Attorneys employed by law firms may receive a Form 1099-MISC reporting in line 10 "gross proceeds paid to attorneys", even though these payments are paid directly to the law firm. For example, assume Attorney A is an employee of law firm L. L's clien... read more

Removing a now-defunct business from this year's return

TurboTax Premier Desktop I had 3 businesses on last year's return. Two had no operations in 2025 and therefore do not have to appear in on my tax year 2025 returns. (There were no assets, no sales, etc.) However in the current return TurboTax generat... read more

De Minimis Safe harbor Deduction Requirement: Record Tangible items <= $2,500 as expenses on your corporate books/records.

It looks like an S-corporation has to expense tangible items <= $2,500 on their corporate books (not talking about tax books) in order to qualify for the De Minimis Safe Harbor deduction. This has to be done for the whole tax-year I think. Would reco... read more

How do I import a K-1 (form 1065) file into turbo tax

I received a schedule k-1 (form 1065) for an investment I owned. I downloaded an electronic file but don't know how to import it into turbo tax so I don't have to enter it manually.