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You'll have to spend about $2000 to get the highest end model, probably.     The form factor might be a tablet, but it's normal PC / Laptop hardware.  In terms of power, it's no different from a laptop with a Core i7 and a 512GB SSD.   The problem for me would be the keyboard and maybe the screen size.  Even with the more expensive ($130 extra) Type Cover, the key travel is shallow.  Text size on tax forms might be on the small side viewed on a 12" screen also.

You will probably need form 8832 (unless you do a sub S corp. - exception in directions). See this URL for discussion (jumping to the proper type (single, corp., etc.) at the top right under "Related Links"): http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Limited-Liability-Company-LLC You also might want to review Pub 3402 which can be found here: http://www.irs.gov/uac/Publication-3402,-Taxation-of-Limited-Liability-Companies One of the things will be timing as some election options can only be done not more than 75 days before or more than 12 months after election filing. Easy read, just step through the material.

I don't get what the difference is. I have one H/W business that I have to prepare and charge for a 1065 and the business is so minimal it is not really worth it to them. Thankfully, it was already being done that way when they came to me; so they were used to paying for it. (much more than I charge); but it is a pain. The IRS gets the same amount of tax either way. I loved that "check the box" I am in a CPS.

This is exactly what I do.

Next year, give us a little more lead time. I logged in here too late to vote or help.

My boss is also applying for a mortgage. The underwriter saw on his bank statement checks to the US Treasury and our state tax dept written on 1/15, 4/15, and 9/l5 and demanded to know what they were for. Groceries I guess. The courts are just as bad. Last year we had a couple who had divorced in August 2013 and came in with a divorce decree stating they had to file jointly.

I totally agree! Some of what they want is stupid. For example they want you to grant them access to your tax transcript with IRS, then they want a copy of your tax return? Then they want the tax preparer to certify your self-employed? And on and on and on!!!!!!

Here in MA we've had health insurance non-coverage penalties for years. They are a ROYAL pita; charts up the wazoo by county, by income, by family size, all needing to be cross-correlated. Software doesn't do all those calculations very well (ATX didn't do them at ALL - I had to look up every piece separately on the MassDOR book that I downloaded; Drake at least is able to pull the county and income info over and you add in the family size since that can be [often is] different from the exemption number), so there is lots of do-it-by-hand nonsense. Folks most likely to be hit are low income or those who had jobs and lost them and decided not to pay for COBRA coverage. Plus in MA we also have a requirement for "minimum creditable coverage" so there are still folks who don't meet *that* criterion and get penalized. Some do it every year, as the insurance they have is sufficient for their needs and the penalty is less than the step-up in coverage. My recommendation is to buy your Motrin in the convenient 55 gallon drum package for next tax season. Perhaps install a dispenser like the ones for gumballs/Skittles/M&Ms you still see in stores.

I agree with jmdaviscpa. The gain in the S corp does increase basis, so as long as basis at the EOY is higher than the suspended losses, the individuals should be able to deduct those in the year the gain passes through.