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Hello everyone, Recently I bought Turbotax home + business desktop software. I have a single-member LLC business and I have form 1099-NEC from other people's business. However, when I entered my 1099-NEC forms into my "personal" tab, it keeps adding ... read more
Mayichong ‎Posted February 15, 2024 | Latest post 5 hours ago by Nedisoom
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Hi everyone,I started working as self-employed in February 2024 with an income above the minimum payment threshold. Before this, I had no income in 2023. I recently got my Green Card, and this will be my first year filing any taxes in the US. I just ... read more
AndyRubyRei ‎Posted 3 weeks ago | Latest post Sunday by pk
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I am a first year sole proprietorship and I am wanting to make my estimated tax payment. I have an account on EFTPS under my Business EIN/TIN however when I click payment, there is no 1040-ES form listed nor any form that has estimated so I am confus... read more
checkyourmirrors ‎Posted Wednesday | Latest post Thursday by VolvoGirl
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I received my normal W-2 from my employer but they also sent me a 1099-NEC. when i got a promotion in my job they started to give me payments for a Charles Schwab account, that they said was a much better thing to have than a retirement account. How ... read more
Lucero0126 ‎Posted 2 weeks ago | Latest post Wednesday by JotikaT2
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I just purchased TurboTax Home and Business thinking it would help me figure out my quarterly taxes for 2024. It only looks at 2023. How can I use TurboTax Home and Business or something else to help me plan for my quarterly tax payments? Some facts ... read more
annematt ‎Posted Wednesday | Latest post Wednesday by VolvoGirl
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I had a schedule C for the last 3 years with one employee. I am no longer operating the business. In fact I paid no wages this year and the business lost money every year (not a huge amount) which is why I decided to shut it down. I have an extension... read more
rachna ‎Posted a week ago
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The accountant I am hiring is telling me that I need to do either a Schedule C or become an Scorp. I don't want to do either-just want to use Schedule E.
rachna ‎Posted a week ago | Latest post a week ago by tagteam
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My parents passed away in January 2024, I was the Successor Trustee and the only Beneficiary of their revocable trust. All the assets of the trust have been distributed. Can I file the 1041 to close out the trust now or do I need to wait till 2025?
rachna ‎Posted a week ago | Latest post a week ago by M-MTax
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room is 1200 sq feet, every year I deduct percentage of utilities for this office; how do I set this up on my return?
lmancuso8 ‎Posted 2 weeks ago
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Is there a "benefit" to counting something as Hobby or misc/other income vs business income? Or are these simply different categories to list different sources of income?From what I understand, any income that you make needs to be reported to the IRS... read more
takineko ‎Posted October 27, 2021 | Latest post 3 weeks ago by Stablenut
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I have income only from a sole proprietorship. According to IRS rules, if I have no retirement plan at work, then I can make a fully deductible Traditional IRA contribution based this income up to the standard deduction limits for 2023 without any re... read more
williamd2 ‎Posted February 16, 2024 | Latest post 3 weeks ago by VolvoGirl
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My husband owns his own LLC that will most likely break even or not make money at the end of the year. I have been at a W-2 job for 13 years. I was wondering if I should uncheck the "Multiple Jobs" on my W-4 to give our family more expendable income ... read more
amandacmudd ‎Posted 4 weeks ago | Latest post 4 weeks ago by Bsch4477
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acymansk ‎Posted 4 weeks ago | Latest post 4 weeks ago by VolvoGirl
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