Nine years as Tax Expert with TurboTax; Certified Public Accountant (Texas, retired) since 1998; 20+ years of tax accounting, specializing in small businesses and partnerships
Your Section 179 deduction cannot exceed your net business income. When you have more Section 179 than income, the disallowed deduction is carried over to the n...
Yes. If you correctboth Lines 13d and 17f in the CA column of the adjustments page and add back the federal IDC to other income, these entries should adjust Cal...
Yes. If you were open and ready to provide products & services to your customers, you would report all activity for that tax year, even if you had no income (or...
The materials and supplies you use to produce your merchandise can be reported under similar expense lines in TurboTax for self-employment (Schedule C).
Note t...
