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

cannot get 'needs review" removed from the Qualified Business Income section. I have tried everything. any suggestions?

TurboTax Business - Schedule K-1 Item I2

I’m preparing my business return and have noticed an issue on Schedule K-1, Item I2. The entity involved is a disregarded entity that is wholly owned by an individual. The form is currently showing the beneficial owner’s entity type as “Disregarded E... read more

Investigation statuscall

I filed yesterday said success but then said I cant file due to formset not allowed. Called and talked got investigation # and now cant reach anyone through app, phone, or call back from expert. I just want to know the status of the investigation ple... read more

How do I find my depreciation schedule for a specific year?

How do I complete the captcha?

IRD entry

Our daughter was age 50 at time of death. While she was not working she was not "retired." She had a pre-tax IRA. Should the IRD be entered as the value of her IRA on the date of death? Or should it be "0" since she was not technically entitled to wi... read more

Beneficiary question

At the time of her death our daughter was not married and did not have any children. She had an IRA for which she did not name any beneficiaries and she did not have a will. Therefore am I correct that there are no K-1's needed because there are no "... read more

Do I need to file a 1041 or a schedule K-1?

I inherited money from my grandmother's trust when she passed. In order to receive it I had to create a trust and open a bank acct. in the name of the trust. The check I received was then deposited into that acct.