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ABSOLUTELY pissed off the Intuit can't make a single decision in favor of their customers instead of their wallet. For that matter, if you wanted to charge an extra $5 for turbotax users to 'add' itsdeductible to the package pretty much ALL of us would be doing it.    Letting us know in October REALLY sucks. Kinda like telling us we aren't getting a paycheck right before Christmas. Oh, yeah, that actually happened to me...   Really. It's not like no one used ItsDeductible. It's an awesome tool and you should keep it. One of the reasons I've stuck with Intuit.

Turbotax generally opens e-filing before the IRS. So if you e-file at that point it just sits on Turbotax's servers until the IRS opens up e-filing. I believe that in 2025 the IRS opened e-filing on 1/27. nothing has been announced for the 2026 filing season.  

Depends on what kind of LLC you have how you report it.   If you are a Single Member LLC that did NOT elect to be an S Corp, it is a disregarded entity and you file it on Schedule C in your personal 1040 tax return.    You will need to keep good records.  You may get a 1099 at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small and if you don't get the 1099NEC.  For the future, you should use a program like Quicken or QuickBooks to track your income and expenses.  There is a QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return.... http://quickbooks.intuit.com/self-employed

Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.   Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.  Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.   To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...   After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.   Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday

I'll put it simply:   In Florida, a single-member LLC is really not the best choice of entity for liability protection due to a 2010 decision by the Florida Supreme Court (Olmstead v. Federal Trade Commission).   In order to ensure maximum protection in Florida, another member could be added to the LLC (making it a multi-member LLC), a corporation (most likely an S corporation) could be established rather than an LLC, or an LLC could be organized in another state with more favorable liability protection.    Speak with a qualified professional in Florida in your area.

What is Bookkeeping and How Do You Do It? Bookkeeping involves keeping detailed records of your business’s income, expenses, and other financial transactions. To get started: Track all financial activity, including sales, invoices, and payments. Use accounting software (like QuickBooks or spreadsheets) for better organization. Record all transactions consistently to avoid errors and ensure accurate tax reporting. Should You Bookkeep Daily, Monthly, or Yearly? It depends on your business size and activity, but here’s a guideline: Daily: Record transactions to keep up-to-date and avoid missing important expenses or income. Monthly: Reconcile accounts (bank statements, credit cards) and review financial reports. Yearly: Finalize all records before preparing taxes and provide clean financial summaries for tax filing. Which Receipts Should You Keep? Keep receipts and records related to: Business expenses: Equipment, software, advertising, office supplies, rent, etc. Income: Sales receipts, invoices, proof of deposits. Tax-related items: Charitable donations, travel expenses, meals (if applicable for business purposes). Digital copies are acceptable but make sure to store them securely for at least 3-7 years, per IRS rules. Do I Need to Pay Taxes If My LLC Didn’t Make Money? If your LLC made no income in the current tax year: Federal taxes: You may still need to file a return depending on how your LLC is taxed (e.g., sole proprietor, partnership, S-Corp). State taxes: Some states require LLCs to pay annual fees or minimum taxes, even without profit (check state requirements). Filing ensures compliance and avoids penalties. For more information see:  IRS Record Keeping information IRS Requirements for LLC Filing  Please feel free to reach out with any additional questions or concerns you may have and  thank you for attending!  Please have an amazing rest of your day!   **Say "Thanks," by clicking the thumb icon at the bottom of the post. ** Mark the post that answered your question by clicking on "Mark as Best Answer."  

Bookkeeping is something that should be done contemporaneously or “as you go.” It can be done manually on paper or using software such as spreadsheets or bookkeeping software. You should keep copies of all business records including receipts. They can be paper receipts or online records including images of paper receipts. Cancelled checks or credit card statements alone may not be sufficient. The records should include the specific product or services. Since your business is an LLC, you should maintain separate accounts (e.g., checking and savings) for your business. You should not commingle business and personal accounts. In general, you normally would not need to pay taxes if you did not have a profit. However, some states require payment of an annual tax for registered businesses such as LLCs. Here’s a link about keeping tax records: https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/keeping-good-tax-records/L61fGcXtc

The “book” in bookkeeping refers to the financial books, or records, of your business.  If you have a business it is best to keep the books of the business separate from your personal financial records.   The books include all of the transactions that take place in the business and the financial balances.  The transactions are separated into types such as assets, liabilities, revenue and expenses and then classified into categories such as furniture (an asset), loans (a liability), sales (revenue) and rent (an expense).  Once sorted, the transactions can be used to create reports such as a balance sheet or profit and loss statement that help you to run your business and file your taxes.   I would recommend recording your transactions at least weekly.  There are also many apps that allow you to store the related receipts.  Keeping receipts is important for filing your taxes, among other things.  At the end of each month you should receive bank statements that you will want to reconcile (match to your books) in a timely fashion.  At least quarterly you will want to review your key financial reports.  You may have some tax payments to make quarterly (or, occasionally, monthly), as well.   As for an LLC that does not make money, depending upon what its tax type is (such as partnership or corporation), it most likely will still need to file a tax return.  Some LLCs pay taxes directly and some “pass through” their profits or losses to partners or shareholders. Whether or not the LLC or the partners or shareholders would need to pay any income taxes in a year the LLC does not make money depends on the particular tax situation of the LLC.    

You can deduct the wages paid to your child as a business expense on your Schedule C of your 1040 if you are reporting your LLC as a sole proprietor, which reduces your net business income and consequently your federal income tax and your Self-Employment (SE) tax. If your LLC is taxed as corporation, it is reported as a deductible compensation expense on the corporate tax return (Form 1120-S or 1120). You will either issue her a W-2 or 1099-NEC, and she will report that on her tax return.  It may or may not be taxable depending on the amount.  She will want to be sure to select that she is the dependent of another when she files her tax return. Please see this helpful article for reference.   This is another very informative TurboTax Blog post regarding hiring your dependent child.   Hope this helps! Cindy   Hope this helps! Cindy

Did you get the 4 1040-ES slips?   The tax due was only 1 voucher 1040-V for the total tax due.  If you used the four 1040ES slips those were for estimated payments  for NEXT year so it didn't get applied to this year’s tax due.   So you still owe the tax due.   Then next year you will need to enter the 1040-ES payments you made to get credit for them.    You can try calling the IRS and see if they will apply the 2025 estimated payments to your 2924 tax due.   

The distinction between a W-2 employee and an independent contractor (1099) is associated with how much control and independence exists in the working relationship, as defined by the IRS's common-law test. The IRS COMMON LAW TEST considers the following three categories in their determination: 1. Behavioral control is associated with the extent to which the company dictates policy on how the work is done, including instructions and extensive and intense training are typical actions directed at w-2 employees rather than at 1099 independent contractors. 2. Financial control focuses on the flow of money such as who invests in equipment, who pays or covers the expenses, more importantly, can the worker in question realize a profit or loss; a worker who is financially independent and takes on business risks is typically a contractor. 3. Relationship of the Parties may include written contracts, provision of employee benefits (which contractors do not receive), and the permanency of the relationship. In summary, the core difference lies in control and financial independence. A W-2 employee is subject to the company's direct supervision over their work methods, schedule, and tools, and they receive employee benefits and regular wages. Conversely, an independent contractor is free to choose their own work methods, is typically paid a flat fee per project via invoice, furnishes their own equipment, and assumes the inherent business risk of profit or loss. WARNING !!! Because misclassifying a worker can lead to severe penalties, it's essential to analyze the totality of the relationship factors rather than depending on a single criterion. Below is a link a believe may prove helpful to your question: Independent contractor (self-employed) or employee?  ** Please say "Thanks" by clicking the thumbs up icon in a post *** Mark the post that answers your question by clicking on the "Mark as Best Answer"

What vouchers?    Did you use the 1040ES vouchers that printed with your 2024 return and think you were paying your 2024 tax due?   Those 1040ES vouchers were for paying quarterly estimated tax for tax year 2025-- to help you avoid a big tax bill next year when you file your 2025 tax return.   Your 2024 federal tax due was supposed to be paid in full by the April 15 deadline, unless you arranged a payment plan for your tax due with the IRS.