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

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

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

Schedule K-1 Box 14 Code I question of what to enter

I received a Schedule K-1 as an estate beneficiary. On Box 14, Code I refers to STMT, an additional statement. On the attached statement, there are two sections. One section is "Misc Non-Service QBI". The other section is "Non-Service QBI" detail. Un... read more

De minimis items converted to personal at close of SMLLC

Hello,I had a SMLLC from end of 2018 to end of 2020. I did not file a separate return for the LLC - I put it in with my personal taxes as a business. I purchased a small enclosed trailer for use for the business in 2019 and deducted it as a de minimi... read more

How do you find out the codes for Form IT-225

It will not let me get past Sch A Part 2 without entering a code, but nothing on the form applies to me.

Confused when figuring out my NOL manually, what belongs to Nonbusiness or Business Capital Losses/Gains?

I'm using the Worksheet 1- Figuring Your NOL in Pub 536 to calculate my NOL. When filling the number for Line 2/Line 3 "Nonbusiness capital losses/gains", and Line 11/12 "Business Capital Gains/Losses"- If I have 1040, Schedule 1, A, B, C, D, E, etc,... read more