All Posts

In TurboTax Online, in the Indiana state income tax return, at the screen Take a look at Indiana credits and taxes, select the School Scholarship Credit.   School Scholarship Credit  849    A credit is available for donations to certain scholarship-granting organizations (SGOs). The amount of a taxpayer’s credit is equal to 50% of the amount of the contribution made to the SGO for a school scholarship program.

This did not really answer my question.  I am a health and wellness professional considering setting up an LLC.  One of the services that I provide is to a university, but they pay me - as myself - and I receive a W-2 for that income.  They will not pay me directly to the LLC.  How do I apply that as income to the LLC versus just to myself?

@sjabrams wrote: Wow. What a way to discourage non-cash donations, if at least some of the point is to get a tax deduction. Since the IRS seems to consider "Clothing and household items" as a single type of property, I don't think I can take a deduction for the full value of what I donated. Getting these items appraised in the future probably won't be worth the cost and the hassle. Thanks for the info, though; better than having to deal with an audit. It's written into the tax law by Congress.  I suspect they are balancing the idea of deducting donations with the need to increase tax compliance by making sure that large donations are properly valued.   These rules are available online or to ask a tax preparer, but you are certainly not the only person to make a large donation after the death of a loved one and not know about the appraisal rule. 

Under the IRS General Rule, your “expected return on contract” is the total amount you expect to receive over your lifetime from the pension. It’s calculated by multiplying your annual pension amount × your IRS life expectancy factor.   For more information, see,   Publication 939    

Thanks for the reply. Is it correct that I can use the  Easy Extension website, even though I am using the Desktop edition? Is it correct that the Desktop edition will ONLY allow me to file for an extension by mailing a paper form? scott

I recommend you file the return. Save a copy of your return as always. Then, go in all year long and move around numbers as your situation changes. The vouchers do not go to the IRS. They are not filed with your tax return.    The IRS wants you to make payments online, they are trying to reduce paperwork received and handled along with protecting your information. A stolen check has become dangerous again.    This section of the program is just to help you determine your payment. In the desktop, you can also use the What-if worksheet to see several scenarios at a glance. Copy column 1 to another column to start the process and change numbers.

As I noted in my original message:   A few pages are printed and printing stops with the following error printed:   ERROR: undefined OFFENDING COMMAND:  Sans   STACK:   /PSCSKF+*Microsoft /FontName -savelevel-

As a single member LLC owner, you can't issue yourself a W-2 - you pay Self-Employment tax on your income.   If you elect S-corp status as a pass-through entity, you would pay yourself a salary, but not as a self-employed LLC owner filing Schedule C.      You can only be employed by a separate entity and if you file a schedule C, you and the business are the same entity.     You report all of your business income and all of your expenses on Schedule C.   You pay tax on the net income.   Any draws of cash you take are not business expenses so they don't get reported.   W-2 income you receive is not business income.