Employee Tax Expert
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Howdy! I've been in this community since 2020 and love the resources and sharing. This is a wonderful place to come and be educated on a multitude of topics. I enjoy helping, but am also quite often helped here. I have an Enrolled Agent credential from the IRS.
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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 redu...
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Please keep in mind that if you are doing contract work you will likely be receiving a 1099-NEC, rather than a W-2. If this is the case you will be subject to S...
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Residential rental income and expenses are reported on Schedule E of your individual income tax return. In TurboTax, this is done in the Wages & Income section....
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A sole proprietor doesn't issue themselves a W-2. They take what's commonly referred to as "Owner's draws". Reporting profit and loss is accomplished by using a...
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The IRS has not finalized the new forms yet, but the deduction will ultimately flow to Part III on the Schedule 1-A of the 1040. TurboTax will guide you through...
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