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

I didn't use TurboTax last year. I have non-pass loss to report on a K-1 from 2024. It appears on Stmt 1 - Sch E, Page 2. Where do I enter this info for 2025?

The partnership is still active, and this loss is appearing 1065K-1 for 2025.

Can I fix a Schedule E Worksheet error? ``Passive Operating Loss...sum of losses in individual years should not be greater than the total loss´´ this. How to fix this?

For 2023 Turbotax put overall loos (sum of all annual losses) in the column for annual loss. leading to this error.

Form 3468 - Unable to get increased 30% tax credit for small solar system install

I installed a small (<1 mw) solar panel system to a rental property.In 2025 Turbotax Premier Online, I've added it as an asset under the rental property. Everything I'm reading says Turbotax should take me through an interview where it asks if it's a... read more

Form 8949 for bad debt - need to attach supporting documents

I made a loan to an LLC for a real estate project. The LLC was unable to pay back the loan and part of the loan has permanently lost principal. As per Turbotax guide: https://turbotax.intuit.com/tax-tips/irs-tax-return/how-to-report-non-business-bad-... read more

I dont manage to correct the code under line 2 of form 3805P, currently 21 when it should be 12

entering Working interest oil sales and depletion in form 1065

This is my first time using Turbo Tax (2025) for an LLC partnership for a small working interest oil property. I entered the oil sales in the business sales line. But I have no idea how to enter information for percentage oil depletion. Turbo Tax ins... read more