Self employed

If both persons are self employed can you split the insurance premium between business?Person A has Income of $10,000. but only has Health Insurance of $5,000.Person B has income of $3,000, but has Health Insurance of $10,000.Can Person A claim $10,000 on insurance, and Person B claim $5,000?Thanks in advance.

My self-employment income (1099 NEC) is under $50K and my deductible business expenses are under $2K.  But TurboTax says my audit risk is higher (medium) because my business expenses EXCEED my business income, which obviously is not true.  Is this a glitch in the program?  I've checked my entries and they are correct.

Turbo tax online does not provide reason for income that does not get classifed as self employment

My husband owns a mobile home and land that was his grandmother's. Our son lived in it for a few years and his dog tore up the walls, carpets, etc. It was vacant for several years and someone he knew wanted to rent it. So he borrowed the money to make repairs, about 15,000.00. He did the work himself and is there a way for him to claim these expenses on his return.

Your suggestions don't apply for my specific situation.

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i want to change my total net income for my wife's business but I dont see where to put it

I am not asked the question "is this with the intent to make money"

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$1521 is the amount of 1099-misc

 If I am taking the Standard Deduction does that mean I can't also take a Tax Credit for Heat Pump installation in 2024? ThanksJC

So I don't know much about taxes, I was wondering if I can get some help. I receive over $600 (Around $800) total. For my Service Tax form, this is what I received and I don't know what it means. My royalty one said I'm not getting a form for this year.We did not issue you a year-end tax form (1099-MISC, 1099-NEC, and 1042-S.) because of one of these reasons:If you are a U.S. person:If your federal classification type is an S-Corporation, C-Corporation, LLC taxed as a C-Corp, LLC taxed as an S-Corp, or other tax-exempt organization, Amazon does not issue a 1099- MISC/1099-NEC form.If Amazon pays you for equipment, supplies, or other tangible goods such as inventory, you are not subject to IRS Form 1099-MISC/1099-NEC reporting.If you are a Non-U.S. person:You received non-U.S. based payments, which are not reportable on the Form 1042-S.

I traded in a vehicle that was purchased in 2018 for a new vehicle that was fully depreciated . When reporting the sale it asks for the amount of the special depreciation allowance that was taken but it also asks for prior depreciation.  Do I enter the amount of the depreciation that was taken over the prior 3 years as Prior Depreciation or do I enter $0?

Turbo Tax appears to have a glitch in moving the self employed health care deduction from Form 7206 to Form 1040, Schedule 1, Line 17. Instead of moving Line 14, the last line and correct answer from Form 7206, it is moving Line 13 which is a higher amount. This results in mismatched documentation and an underpayment of taxes. I could not get this resolved on the phone. How to fix?

The TurboTax page that comes up after I enter my contributions is titled "Adjusting Self-Employment Income". It says I can adjust my income. What's a valid reason to do that? Can I adjust it by the amount of the contribution?

My wife received a 1099 MISC  for Maternity leave with one amount and then another form for maternity leave with a lesser amount and a box check that says third party sick pay. Do I enter the second form? If so where? The form does not say 1099 Misc

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hello - I was comparing the Tax Smart Worksheets from 2023 to my 2024 worksheet and noticed that in my 2023 worksheet, TT checked box 1 Tax Table, however, in my 2024 worksheet, TT checked box 2 Tax computation worksheet. I cannot figure out why different boxes where checked from one year to the next.  Can anyone explain the difference to me and why it changed from 2023?

I am a freelance musician who often teaches in schools and every so many years need to do an FBI background check. Sometimes the district pays for these, other times they don't. When I am the one paying for them, am I able to write this off as a business expense? Thanks!

I made a mistake on my contributions for 2023 401k employer match made in 2024.  My 401k reporting company and my tax forms had it as $9628 and I messed up and ended up contributing $9268- I transposed the last 3 numbers on my check.  Anyways, I am $360 short for the contributions I should have made for my Solo 401K for 2023.  The reporting company is wanting me to do this and said that they would make the notes to reflect that it was for 2023.   Am I able to add the $360 to my 401k now even though I am past the April 15 2024 deadline?  Maybe an honest mistake clause, lol, that would understand that I was going through a lot with cancer treatments and mis-wrote the check.   Or should I have should I have them change my solo 401K report to what I actually deposited, and amend the tax return for 2023 and pay whatever penalty me there may be.   I would greatly appreciate your advice.  I tried to call the IRS t

My husband is considered an independent contractor. He works for a guy who pays him in cash or personal checks. They don’t take out taxes and don’t report his wages to the irs. How would I report them for taxes or do I need to?

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When I attempt to e-file my California return TurboTax will not transmit it because it thinks my state wages are different than federal, but I don't even have wages. I am self-employed and file Schedule C.