http://bit.ly/oDa69f
Daniel asks?
Is Turbo Tax Home and Business worth the extra money for me?
I have my own business (sole proprietor). It generates less than $10k per year and has no employees. I utilize deductions for home office, vehicle expenses and general office product expenses but that is about it. Is it worth buying the Turbo Tax Home Business or can I get away with buying the Deluxe version?
Larry McCann answers:
The important thing is that you get the right answer, and one that you can depend on. The Home Business program provides more hand-holding for those needing business guidance. A business with 10k of revenue often has as many issues as one with 200k in revenue.
So the answer is... It depends on your needs.
Carol asks?
In Turbo Tax Business what is the difference between reporting a "wash" equity sale as a cost or a loss?
If a tax payer is operating a day trading business what is the easiest way to report gains and/or losses in Turbotax Business if the broker is not on the import list? Is filing on paper the only option?
Larry McCann answers:
...
I believe so but see if you can get in contact with IRS and ask a rep just to be sure
Lizzie asks?
Will the Turbo Tax Home and Business edition help on quarterly payments?
Will Turbo Tax Home and Business edition help me to determine whether or not I have to make quarterly tax payments?
Will it help me determine what amounts those quarterly payments should be and how to make them?
Larry McCann answers:
Yes. It will base estimates on the assumption that the following year will be a lot like the previous year as far as income, dependents and deductions and credits.
John asks?
How do I add previous estimated quarterly payments (1040ez) while filing taxes via Turbo Tax Home & Business?
While I am doing my taxes using Turbo Tax (Home & Business online) how do I get it to factor in my previous estimated quarterly payments? It looks like the Federal Tax Due and MA Tax Due reflect the amount due before taking into account that I paid for previous quarters. Does it do it automatically? If not, where exactly do I input that info? Thanks!
Larry McCann answers:
Just follow the interview and it will ask you.
Maria asks?
Where to enter my Business Donation in Turbo Tax?
I use Turbo Tax yearly for my Home and LLC business. This year for the first time we made a large donation to our school system via the LLC. But I don't see anywhere in Turbo Tax to add this! I see on the personal side where to add donations, but what should I do on the Business Side?
I googled and searched Turbo Tax questions but it ALL relates to personal donations. But I donated company product to the schools, please help!
Larry McCann answers:
According to a recent webinar I listened to business expenses have to have a business purpose
Corporations are able to make donations that do not exceed 5% of their taxable income
how are you filing the LLC, as a corp, a partnership or sole proprietor?
And unless you purchased two programs, the one you bought will not handle the LLC,as a corp or partnership
Sharon asks?
I have a start up business, its a partnerhip? Should I go to a cpa or can I use turbo tax and do it myself?
I really didnt make much last year from the business but I had expenses on equipment, stationary,promotions to get it going. Is it something I can do myself on turbo tax for deductions or should I go with a cpa to get it right?
Larry McCann answers:
Doing a partnership return is a bit more difficult than a individual return. You can give it a try so you know how difficult it will be.
You can download the 1065 forms from www.irs.gov to see what they look like but to undestand all the available deductions (like Section 179 on Form 4562) it would take a while to get up to speed. Turbo Tax can accelarate the learning process.
Also, if you have a small business it may make sense to go to a CPA in order to have an advisor for other things. For instance, payroll and other business related questions like insurance.
Lisa asks?
Turbo Tax Help or any other software for business?
I'm using all my points today, I have a million questions it seems like today.
For those that have used Turbo Tax, will this allow me to File my business taxes or just regular 9-5 taxes? Do you know of any software similar that might work for business? I a just trying to avoid very large account fees. It's a very simple business so I just need something to allow me to plug in numbers.
If you have any suggestions, I would like to have your opinion of the product you used.
Thanks for your time.
Larry McCann answers:
Try TaxAct
I have narrowed down my choices to Turbotax and Taxact for filing taxes for my businesses. I'm just going to have run each one and see what saves more money.
Http://bit.ly/fnNli4
I hope that helps, and if you do it before I do let me know which one saved you more moolah.
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