Having a business is both exciting and rewarding! But it can be
confusing if you don’t know what it means for your tax returns. Whether
you’re starting off and plan to conquer the world with your new
business, have a side gig for a little extra cash,...read more
After an explanation, my question will be about deducting medical
insurance premiums when filing with a schedule C. My son’s business was
very slow in 2022 so he, and his family, qualified for subsidized
medical insurance via the California Marketpla...read more
I am a California resident. We opened an LLC with Wyoming end of last
year. I need to file taxes for this entity. Will I be filing a return
for two states in this case? I have not registered this LLC in
California as a foreign LLC and am ready to dis...read more
PK9999Posted Friday
| Latest post yesterday by
TomD8
I'm a new talent agent (formerly a performer). Previously, my methods of
receiving and reporting income were very straightforward.... do a show,
get a 1099, report the full income, deduct professional expenses, pay
taxes on the net. However, now I'm ...read more
I converted my partnership to a S Corporation with an effective date of
Jan 1 so I am preparing the final return for the partnership and will
begin filing the initial return for the S Corp in the next tax year. I
checked the box in TT to indicate tha...read more
I have a solo 401k and am trying to claim the $500 auto-enrollment
credit in Part II (NOT the startup costs credit in Part I). Where do you
claim this in Turbotax Home & Business? The only option I see is to
claim the credit for startup costs (Part I...read more
T2019TPosted March 17, 2024
| Latest post Friday by
calbear
If a sole proprietor who works as an Independent contractor with a
single member LLC checkmark individual/single member LLC for the federal
tax classification section on a W9 form, use personal and business name
and an EIN. Would that member need to ...read more
Right before filing, it asks to sign this consent. I did not realise it
wasn't for e-filing and I accidentally signed. I would like to remove
this and not consent to my data being shared. Thank you.
I bought a new Subaru in 2012, began using it for self-employment in
2017, and got rid of the car in 2020. (I didn't sell the Subaru or trade
it in. I just signed over the title to the dealer, and my mother gifted
me her used car when she bought a ne...read more
nebirahPosted February 4, 2021
| Latest post Thursday by
JGCPA
Hi,I have a rental. In 2022 this was in sch E, other expenses: SECTION
465(d) CARRYOVER $7858. In TT 2023, is complaining because the
"carryovers to 2023 smart worksheet" has the value $7858 on line B under
QBI. When I have TT check errors, TT shows:...read more
I have questions for how to file returns for my Mother who died in 2023,
and who owned a rental home. I need to file a 1040 for the part of the
year she was alive, and a 1041 form for her estate for the part of the
year she was not alive. The rental ...read more
Is my assumption correct that business equipment, such as tools or
laptop, that are sold after being fully depreciated to zero after
several years of use, count as a gain for ordinary income, to be
reported on part III 4797 as section 1245 property? ...read more
I received a final K-1 from a rental property partnership where I am a
limited partner. The k-1 has Net LTCG but when I go to enter it in my
software there is: (9A) Net long-term capital gain (loss) or (9A)
Passive long-term capital gain (loss). Whic...read more