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I am trying to find out where on the Home/Small Business version of TT I am able to write off my employees wages as a business expense>

 
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5 Replies

I am trying to find out where on the Home/Small Business version of TT I am able to write off my employees wages as a business expense>

You mean employees you pay and take out SS & Medicare taxes?  You can't expense payments to yourself.

 

Employee pay goes on Schedule C line 26 Wages.

 

If Employee Expenses doesn't show up in the list of expenses you need to go back to the Business Profile section and click Edit by Has Employees and change it to yes.

Go to Business tab- then Continue

Business Income and Expenses - Click the Start or Update button

 

You should see the Business Summary page that lists your businesses, (right below the list you can Add Another Business)

 

Then click EDIT by the business name and the next screen should be a list of  topics,

Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.

 

Click Start or Update by Business Profile

Then Click Edit by Has Employees and change it to yes.

I am trying to find out where on the Home/Small Business version of TT I am able to write off my employees wages as a business expense>

Can I use the Home/Business or do I need to use a different version?

rjs
Level 15
Level 15

I am trying to find out where on the Home/Small Business version of TT I am able to write off my employees wages as a business expense>

The tag below your question says that you are using TurboTax Online. Is that true, or are you using the CD/Download TurboTax software? There is no "Home/Small Business" version of TurboTax Online. If you are using TurboTax Online you need the Self-Employed or Premium (not Premier) version. If you are using the CD/Download TurboTax software you need Home & Business.


You could actually use any version of the CD/Download software. They all have the same forms. But Home & Business gives you more help and a more detailed interview for business income.


What type of organization is your business? If it's a sole proprietorship or a single-member LLC that has not elected to be treated as a corporation, then TurboTax Home & Business or TurboTax Online Premium (or Self-Employed) is the right product. If it's a multi-member LLC, partnership, S corp, or C corp you need TurboTax Business, which is not the same as Home & Business. If the business is owned by you and your spouse, post more details, including what state you live in.

 

Carl
Level 15

I am trying to find out where on the Home/Small Business version of TT I am able to write off my employees wages as a business expense>

If you really are using the CD version of Home & Business (the tag on your post indicates otherwise) then when you start working through the business section, one of the selections you "must" select, is one indicating that you had employees. If you don't select that option the program assumes you did not have employees and will not ask you for W-2 information.

Take special note that for a SCH C business, you as the owner of that business can not be an employee. Under no circumstances will you issue yourself a W-2, 1099-NEC or any other type of tax reporting document. No exceptions.

 

I am trying to find out where on the Home/Small Business version of TT I am able to write off my employees wages as a business expense>

wages to yourself if self-employed is totally wrong and you need the help of a pro if you filed a w-2 and/or payroll tax returns including your "wages".  however, if your referring to wages paid to others in your business most likely you would report them on schedule C.   However, there could be major info you have not provided that would change this answer.

 

 

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