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 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

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

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

I am using Turbo Tax, imputing K1, and entering my 179 deductions. The allocation is to a different state. It will not let me change it to delete it.

It keeps adding the incorrect state on the form. I can't override it or delete it.

Schedule K-1 2023 Final K-1 Checkbox - Disposition of S-Corp interest information

Closed this LLC with S-Corp election ending 2023. In final review, TT will not let me skip Part II Disposition of S Corporation Shares section. I had no shares in the LLC, was only managing member. Form 7203 was completed. Basis beginning of Year $93... read more

Why does my California return have a Schedule C for my LLC in another state but that state doesn't have Schedule C?

I am a resident of California, but I have an LLC in Colorado. In past years, I have had no problem, but this year, TurboTax kept considering the LLC to be in California and added a Schedule C under California instead of Colorado. I have told TT that ... read more

Delete a form option is unavailable. How do I remove the EIC reference? I do not have a business but system keeps asking for business code.

Can I Manually enter a cost basis?

Cannot e-file Federal Return from 2023 TurboTax Home and Business Error: employee credits for small businesses

I cannot e-file my federal return due to the above error. My total wages paid to my employees is highlighted, and I get the above error referring to form 8881 (which I dont use anyway). What is going on?

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