Small Business, Farm & Startup Tax Forum

Business & farm

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

Is this activity a qualified trade or business under Section 199A?

I don't know what this means

Medical Insurance Applied to Schedule C Question

After an explanation, my question will be about deducting medical insurance premiums when filing with a schedule C. My son’s business was very slow in 2022 so he, and his family, qualified for subsidized medical insurance via the California Marketpla... read more

How to file taxes with an out of state LLC

I am a California resident. We opened an LLC with Wyoming end of last year. I need to file taxes for this entity. Will I be filing a return for two states in this case? I have not registered this LLC in California as a foreign LLC and am ready to dis... read more

Is-help with my deceased Dads1310 form.A revocable trust. I’m an only child and everything was left to me. Part 1- check C? No court appoint. Part 2 How to fill it out?

Reporting Commission and Income Flow (Talent Agent)

I'm a new talent agent (formerly a performer). Previously, my methods of receiving and reporting income were very straightforward.... do a show, get a 1099, report the full income, deduct professional expenses, pay taxes on the net. However, now I'm ... read more

Converted from Partnership to a S Corp - Sec 179 recapture

I converted my partnership to a S Corporation with an effective date of Jan 1 so I am preparing the final return for the partnership and will begin filing the initial return for the S Corp in the next tax year. I checked the box in TT to indicate tha... read more

How to Claim Small Employer Auto-Enrollment Credit (Form 8881, Part II) for solo 401k

I have a solo 401k and am trying to claim the $500 auto-enrollment credit in Part II (NOT the startup costs credit in Part I). Where do you claim this in Turbotax Home & Business? The only option I see is to claim the credit for startup costs (Part I... read more

If an Indepen- contractor have a sngle member LLC, checkmark individual, use EIN add personal and business name on W9 . Do he pay individual or business estimated taxes?

If a sole proprietor who works as an Independent contractor with a single member LLC checkmark individual/single member LLC for the federal tax classification section on a W9 form, use personal and business name and an EIN. Would that member need to ... read more

How do I remove my consent for Turbo Tax to use my tax info to improve their experience?

Right before filing, it asks to sign this consent. I did not realise it wasn't for e-filing and I accidentally signed. I would like to remove this and not consent to my data being shared. Thank you.

Question about Sale of Business Property for a vehicle

I bought a new Subaru in 2012, began using it for self-employment in 2017, and got rid of the car in 2020. (I didn't sell the Subaru or trade it in. I just signed over the title to the dealer, and my mother gifted me her used car when she bought a ne... read more

I don't have any questions.

Real Estate SECTION 465(d) CARRYOVER 2022 and 2023?

Hi,I have a rental. In 2022 this was in sch E, other expenses: SECTION 465(d) CARRYOVER $7858. In TT 2023, is complaining because the "carryovers to 2023 smart worksheet" has the value $7858 on line B under QBI. When I have TT check errors, TT shows:... read more

Questions concerning 1041 Return for Estate with a rental property

I have questions for how to file returns for my Mother who died in 2023, and who owned a rental home. I need to file a 1040 for the part of the year she was alive, and a 1041 form for her estate for the part of the year she was not alive. The rental ... read more

Can gain from sales of laptop used in business be excluded as foreign earned income?

Is my assumption correct that business equipment, such as tools or laptop, that are sold after being fully depreciated to zero after several years of use, count as a gain for ordinary income, to be reported on part III 4797 as section 1245 property? ... read more