Small Business, Farm & Startup Tax Forum

Business & farm

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

How do I enter the Sect 199A info from my K-1. Turbotax has one field to enter the info, but my K-1 has 3 amounts: Ord Inc, W-2 wages, and Unadjusted basis?

How far back (in years) can I go to claim expenses I used in starting my business?

Background.... It is a photography business, a portrait studio in my home. While I was working a full time job and a part time job. So the road has been long. Then, I know the IRS their going to say, hey, that's just a hobby. But I have documentation... read more

2023 1040 widow did not file 1041 can it be overlooked?

Due to a revocable living trust and multiple issues in 2023, nothing was filed. Presently wondering if 1041 for less than $6K in assets needs to be filed?

K1 not sent

I invested into a company for $60K but the company was not correctly incorporated. Therefore, they are unable to send a K1 form. If I invested $60K in 2023 and received distributions of $36K in 2024, what do I need to file or do in terms of my 2024 t... read more

what option corresponds to an Schedule 1, line 8z?

How many users can access my turbotax for an S Corp?

I would like to add my bookkeeper to my account. How do I do that?

LLC FILING AS S CORP. ARE THERE SUPPOSED TO BE SHAREHOLDERS

Bankrupt partnership non-cash distribution -K-1 line 19c

Invested in partnership. GP stole most of money (~95%). Liquidating trust took over and so partnership was shut down and partnership interest was “transferred”(no money, just my interest in partnership) into liquidating trust. Final partnership showe... read more

How do I amend a 2023 1041 Tax Return when the TT 2023 Business software was corrupted?

I completed and successfully submitted both the 2023 1065 and 1041 federal tax returns in 2024 using the 2023 Business Desktop product. I then purchased and downloaded the 2024 Business Desktop product. When I opened it, it asked which return I wante... read more

When filling out info for a K-1, how do I input the details for Box 13? I am not prompted for detail beyond the base code, but it shows as an error when trying to file.

For example, I can select code "AE - deductions", but TurboTax does not ask me for the specifics of what those deductions are. In prior years, it asked for this detail. Now it just gives me an error message when trying to file without adding this det... read more

Vehicle Depreciation recapture

What will I be claiming for income when I sell my car after deducting more depreciation than I paid for the car using the standard mileage deduction? I purchased the car for $25,000 and had $34,198 in mileage depreciation over 7.5 years. I sold the c... read more