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

Form 7206

I have a business in my name and my husband has a separate business in his. We both file Schedule C with our 1040. He claims health insurance on his. Do we have to file a Form 7206 for each of our businesses or do we not have to file one at all? TT d... read more

Selling a Rental Property

Hi all, we plan to sell a rental property this year. Several questions. Thanks in advance: 1) Owned for 12 years as a rental property, and took depreciation. Do we need to pay the long term capital gains and depreciation recapture as estimated taxes,... read more

Why is the last entry on PA schedule D not displaying the net loss/gain. It is implied because line 2 shows the correct total.

File a No Tax Due Information Report in Colorado

We moved from Texas to Colorado 2 years ago. In Texas we used to file "File a No Tax Due Information Report" for our business entity because there was no business activities. Now in Colorado, we registered a business again, but also no activities. Is... read more

2 member llc with one ein

Have a 2 member LLC, husband and wife, living in Washington state, so filed one Schedule C, since it is a community property jurisdiction. By filing one Schedule C, found that the social security amounts were reported on only one person's accounts. R... read more

How do I erase the Schedule S non dependant form?

The app won't allow me to erase the info on the schedule S form non dependant form. Why?

Where do I enter contributions to the capital of the Corporation for my Co-Op on taxes?

What does a Federal form 1040 schedule 1 look like?

Estate tax form just now closing the estate trouble with date

I’m currently perplexed about how to enter the sale date of my mother’s home after she passed away. It is a bit confusing. She passed away on December 31, 2022. (The day before 2023) It happened suddenly. It took eight months to get her house, cleane... read more

form 966 after filing final tax return for c-corporation.

Hi all, I filed final return for C-Corp which was 2023 tax year. I didn't know if form 966 should be filed after 30 days of resolution. I am an only owner and I make all decision, so I don't have any written document. I just didn't have any income in... read more

In Schedule E, the other Expenses disappears when you fill out the Miscellaneous Expense and have at least more than 5K expense

The Expenses that disappears and replaces your values with "NOT STARTED" are Other taxes, Insurance Premiums, Cleaning/maintenance, Utilities, and Other interest. The Real estate taxes, Mortgage interest, and Vehicle are still showing up.

Sale of Business Property and Disposition on a total loss vehicle

I was involved in a not-at-fault accident which resulted in the insurance declaring my vehicle a total loss in 2023. I used this vehicle for both personal and business use since 2019. The insurance company paid off my lender and sent me a check for t... read more

Determining Step-Up Basis for Rental Home that has sold

My mother who died in June 2023 owned a rental home that recently sold. It seems natural to compute the step-up basis value (i.e., the value of the home at the time of my mom’s death) as the gross sale price less the cost of improvements that the est... read more

I am the sole member of SMLLC--can I deduct, on Schedule C, the wages the LLC paid me by guaranteed payments?

Guaranteed payments here defined as paid regardless of profit or loss and in an amount considered reasonable compensation for work. I have accounted for these payments/wages on Schedule SE, but I'm unsure about whether paying myself is a deductible e... read more