Question: Question on Tax Preparation Software and the Schedule C

[bamacon]

Any small business folks out there that do their own taxes? I've got a question for you.

I have used tax software in the past (Turbo Tax and H&R Block/Tax Cut) for the basic stuff. This year, however, I did a little lawn work for a local church who claimed me as a vendor. In the past I had an accountant do the Schedule C when I had a part-time lawn service, but since this was just around 2,500.00 for the year I was going to try and do it myself. Any of you have recommendations on 1) the software 2) the relative ease or lack thereof of doing your own Schedule C and 3) most basic deductions to claim?

Thanks

 

[bamacon]

Guess not

 

[Bamabuzzard]

Go with Turbo Tax. Get the version that specifically states on the box that it handles both personal and business taxes. I think it runs anywhere between $60-$80...I think. Anyways, Turbo Tax is very user friendly and will probably be exactly what you need for what you've said you did last year.

With regard to basic deductions. Anything directly related to the cost of your business. Meals, supplies, gas, repairs etc.

 

[NationalTitles18]

I'd recommend TurboTax Home & Business. The online version will set you back $75 and the download/CD version to place on your copmuter is $99 and includes the federal efile, but the state efile will cost about $40 unless you decide to print and mail it. This version has schedule C guidance to help you decide what is/isn't deductable. And on, I don't work for TurboTax, but I did use it for the last 3 years and thought it was well worth it for ease of use, completeness, accuracy, and ability to import last year's return info and financial data from various sources into this year's tax info.

 

[bamacon]

Thanks guys I appreciate the input.

Been leery of trying the tax thing ever since we were audited in 2005. My wife had been very sick for nearly 2 years and the medical bills were very high. I claimed everything I could associated with it and after all was said and done they owed us. Anyway it was still a huge pain and want to avoid another one.