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
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.
lyratgPosted a week ago
| Latest post 3 hours ago by
PatriciaV
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
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
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
TK2005Posted yesterday
| Latest post 5 hours ago by
PatriciaV
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
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
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
dolphinzyPosted a week ago
| Latest post yesterday by
DawnC
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?
dadolphsPosted February 21, 2024
| Latest post yesterday by
PatriciaV
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
T2019TPosted March 17, 2024
| Latest post yesterday by
PatriciaV
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
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