turbotax icon
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

All Posts

Good Afternoon,   I am a self-employed professional artist and have been running my small business of making and selling art for almost 2 decades.  I have filed my personal taxes using Turbo Tax wi... See more...
Good Afternoon,   I am a self-employed professional artist and have been running my small business of making and selling art for almost 2 decades.  I have filed my personal taxes using Turbo Tax with the addition of the Small Business/Sole Proprietorship option.   For personal reasons, I have had to take a hiatus from work since October, 2024.  I will have zero income from my business in 2025.  My plan is to restart the business in 2026.   My question is how to file for 2025.  Do I file my 2025 taxes using the Small Business option and report $0 income?  Is there an option for reporting the one year break from doing business?   Do I simply file my 2025 personal taxes and not mention the business.      Thank you.
That is about estimated payments you reported on 1040 line 26.   Did you send in the estimated payments?   IRS Understanding a CP25 notice Understanding your CP25 notice | Internal Revenue Service
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 ... See more...
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 ... See more...
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 finish... See more...
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... See more...
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 fina... See more...
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 copie... See more...
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 recor... See more...
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.    
CP25 shows no difference from my calculations but it says amount owed is 0$ so am I no longer getting a refund?
How do I book keep?  Is bookkeeping something I should do daily, monthly or yearly?     Which receipts should I keep?     I have an LLC but if it didn’t make any money this year do I need to p... See more...
How do I book keep?  Is bookkeeping something I should do daily, monthly or yearly?     Which receipts should I keep?     I have an LLC but if it didn’t make any money this year do I need to pay any taxes?  
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 conseq... See more...
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
Si necesita pagar sus impuestos federales, puede hacerlo en el sitio web del IRS aquí. Si esta no es la respuesta a su pregunta, por favor aclare su duda proporcionando más detalles.
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 ap... See more...
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... See more...
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 t... See more...
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.
If my teen is doing some light office work for my LLC for which I pay her 200 a week, where do I report this on my tax return and she is my dependent so I claim her on my return but does she have to ... See more...
If my teen is doing some light office work for my LLC for which I pay her 200 a week, where do I report this on my tax return and she is my dependent so I claim her on my return but does she have to report and pay tax on the income I’ve paid her?
Hello, I had to pay taxes for my 2024 Tax year.  I processed it and a voucher for payments went to the Ohio office.  I am from Washington and i have received a certified letter from the San Francisc... See more...
Hello, I had to pay taxes for my 2024 Tax year.  I processed it and a voucher for payments went to the Ohio office.  I am from Washington and i have received a certified letter from the San Francisco office that i need to make a payment.  I have been paying my taxes using the Vouchers provided.  I have tried contacting the San Francisco office, but to no avail.   How can i inform San Francisco office that i have been paying my taxes.
It is indeed possible for a single-member Limited Liability Company (LLC) in Florida to operate two or more distinct business activities under the protection of the same existing legal entity. To do ... See more...
It is indeed possible for a single-member Limited Liability Company (LLC) in Florida to operate two or more distinct business activities under the protection of the same existing legal entity. To do this legally, the LLC must register any new business name that differs from the LLC's official name as a Fictitious Name (known as a "Doing Business As" or DBA) with the Florida Division of Corporations. There is also an he administrative fees for running both businesses under your existing Florida LLC are quite predictable for 2025. However, you should be aware that there is an additional,  state-mandated cost you will incur for each new  business of $50 as a  registration fee for the Fictitious Name (DBA) filing, as well as, the required newspaper publication fee for the Fictitious Name, which is a separate cost paid to a local newspaper and typically ranges from  $25-$100, depending on your county.  Also the plan to maintain separate business bank accounts, income and expenses  for each business is not just extremely helpful at tax time, as each will be reported on its own Schedule C,  it is absolutely necessary for the LLC's ability to maintain its liability protection as an entity.    Important Tax and Legal considerations: Legal Entity Status: The LLC remains a single legal entity under state law, irrespective of the number of Fictitious Names used. Florida State Filing: Each separate business name must be registered as a Fictitious Name with the Florida Division of Corporations, a process that requires renewal every five years (Florida Statutes Section 865.09). Federal Tax Reporting: For income tax purposes, the single-member LLC is, by default, a disregarded entity by the Internal Revenue Service (IRS). All combined income and expenses are reported on the owner's personal Form 1040, typically utilizing a separate Schedule C for each distinct business activity (IRS guidance). Exposure to Liability: The protection offered by the LLC is shared across all ventures. If one business faces a lawsuit or a significant debt, the assets and income of the other business, which are held by the same LLC, and are equally exposed to that claim.  Pros and Cons Pros: The primary advantage is administrative cost reduction, as you avoid the expense of duplicate state formation fees, annual reports, and registered agent costs associated with forming multiple separate LLCs. Management is also simpler, requiring only one Operating Agreement and one federal tax identifier (EIN) for the entire operation. Launching a new activity involves the simpler process of filing a Fictitious Name, rather than full entity formation. Cons: The most significant drawback is the shared liability risk. If one business suffers a financial or legal catastrophe, the entire combined pool of assets is vulnerable. Furthermore, while filing fees are reduced, the internal bookkeeping becomes more complex; documentation must be meticulous to support the strict separation of income and expenses for each venture. Failure to maintain these financial distinctions puts the LLC at risk of having its limited liability protection, which is often referred to as, piercing the corporate veil, removed.   veil, or shield that was put in place to protect your personal assets, making the owner personally liable for all business debts.   **Please note that it is important to consult a local attorney for advice pertaining to the  legal considerations of  the exposure to liability for businesses operating under the same LLC structure. An attorney can provide guidance specific to your situation and offer strategies to mitigate risks, ensuring full compliance and protection under Florida law and federal regulations.   Helpful Links for more information: Limited Liability Company (LLC) Tax Classification  Florida Fictitious Name Registration  Florida Statutes Section 865.09  Filing Taxes for Multiple Businesses  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."