Q1. I purchased a new vehicle in 2022 for business purposes, I wanted to partially deduct (20%) each year the value of the vehicle. This year I just added 20% of the purchase value in 179 and I am hoping I can add the same for the next 4 years.
If you're using one of the TurboTax products, you will start with the business or self-employment section. Scroll to the Vehicle section and select it.
Follow the interview. Your deductible amount will be calculated based on usage and miles driven. Business Use of Vehicles
Q2. I issued 1099 to one of the contractors, I am wondering where to report it in the TurboTax? While filling expenses, TurboTax asked if I paid more than $600 and need any help preparing 1099, I said no (as I already used pdf document from IRS site to give 1099 when I paid him) and I just reported the amount as expenses without entering contractor's EIN!
That's okay, the IRS has the 1099 information. This is reported under Contract Labor. How do I enter contract labor on my 2022 return?
Q3. I had another SMLLC, sometime in March 2022, I submitted the termination to the franchise tax board in California, but I have not found any option to mention that while filing taxes in TurboTax (like, I get an option for a car if I stopped using or sold the car). Is there a way to mention that I have terminated it? or I will just not report it from next year while filing?
You need to select that you sold or disposed of it in TurboTax
- Under the business tab> business income and expenses> Profit or loss for business.
- Select the business that you want to eliminate and edit the information
- Business summary page select business profile
- Select "disposed of business in current year" and enter your information. Select "sold/disposed on business in 2015" even if you got rid of the business in a prior year. (You will need to select this option even though you actually closed it in 2013. This is because you haven't closed it with the IRS until you file a final Schedule C (see screenshot)
This will generate a final Schedule C for the current year and you should not have any more information about this business flowing through to next year.
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