Good evening everyone,
This is my first time using TurboTax business and I have a few questions that I came across (btw its TurboTax desktop version):
1- I have an e-Commerce business and the section that it asks for Business Activity code was a bit confusing. The best I found was 454100 (Electronic Shopping) but I am not sure if there is something better?
2- I just started the business last year and I do not have any income in 2022 but looking at the Income section I only see Rental Real Estate Income, Investment Income, Other Income. If I had income in 2022 in what section would I put that in because none of those would match the income from a e-commerce product selling company.
3- In the deductions sections, I put all of my expenses in 2022 and assets that would depreciate (e.g. laptop) but there is no place upload receipts or anything like that. Do I not need to do that? Just save the receipts for my records?
4- On the Texas Franchise Tax Information Worksheet there was 3 lines where I had to select YES or NO. One of them said the following and I am a bit confused. Can someone elaborate on this?
Line1: Majority of revenue is from approved specific activities or SIC related retail or whole sale trade
Thank you for the help everyone 🙂
