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

Does my 0.5 coefficient 'half-pay' from my Fluctuating Workweek salary qualify for the 2025 federal overtime deduction, and how do I report it if it's not in Box 14?

I am a non-exempt employee paid via a Fluctuating Workweek (FWW) method where my fixed salary covers my straight-time pay, and I receive a 0.5 coefficient (half-time) premium for overtime hours. For the 2025 tax year, do these 'half-pay' premium earn... read more

Inventory Cost of Goods Sold not showing in summary

I'm entering the cost of good sold for my small business and turbotax 2025 shows the value I entered last year but shows a $0 for this year in the summary page. I've tried editing it a hundred times and each time when it shows the summary COGS is sho... read more

multiple 8881s?

I want to claim the "Small Employer Auto-Enrollment Credit" for both my business and my spouses (separate) business. Do I need to submit two 8881s or somehow type $1000 into line 9 instead of $500?

I have no questions.

I filed 1099 NEC on several S Corp. contractors.

was ignorant. I also received a 1099 and I am an S Corp. Is this a problem or can we all just be sure we include these amounts without duplication. Ill make sure I don't report in 2025

Washington Cares and Paid Family and Medical Leave deductions

For residents of Washington State, are the "Washington Cares" and "Paid Family and Medical Leave" automatic paycheck deductions IRS tax deductible for taxpayers who Itemize their deductions? If so, should they be included in Schedule-A line-6?

How to file 1099-G box 6 taxable grant on fire prevention clearing.

I have received a 1099-B box 6 taxable grant from Dept of Agriculture program for fire prevention work completed on undeveloped land that I own. The grant was all paid to the business that did the clearing. I was told that i needed to file a 1099-NEC... read more

How do I delete Form 5695 from the online TurboTax version?

I changed the answer to the initial question "did you install...?" to NO but it still tells me that information in Form 5695 is incomplete and won't let me finish my taxes without it.