turbo tax?

Question

I am fixing to file my taxes but it is somewhat complicated for me. I wanted to use the turbo tax, but the first half of the year i got a w-2. Then the next three months i got a 1099. Then the last three months i had my own hair business with just myself and i haven't sent any money in yet for that. I don't know if the program has a way to enter both?. Also, the money that I have put back for taxes on the last three months of the year, how do i send that in, and do i send it in evevn if i am entitled to a refund? thanks

Answer 1

Turbo Tax will walk you through all of the various income that you received throughout the year.

If your hair business is a sole proprietorship (which I'm guessing it is) you will have to buy the slightly more expense TurboTax Home & Business version to handle the added complexity of your business.

If after you run the program you still have questions you should contact a CPA.

That should handle it--good luck!

Answer 2

TurboTax deluxe should be able to handle it. It will tell you at the end if you need to send in the money for the last three months of the year, or if you are due a refund. If you aren't confidant in your abilities, go to a tax prep place like H&R Block, it will cost more, but would be cheaper than an audit if you screw something up.

Answer 3

Turbo tax can handle ALL of that, but you need to do things right.

Did you incorporate your own hair styling business? If so, then you owe corporate taxes, employment taxes, FICA (ssi and medicare) and probably unemployment insurance. Those ALL have to be paid and accounted for seperately as corporate taxes, the type of taxes and frequency of recording is dependent on the type of corp you created (s-corp, c-corp, LLC). If all of this makes no sense to you, get an accountant. You will have to file all the incorpration papers required by your state, get a federal tax identification number and file quarterly and possibly even monthly employment taxes with the IRS, your state and local authorities. If you plan to do this yourself, budget at least 8 to 10 hours a month in tax prep.

Once you get your company tax situation in order, it becomes clear that your company should have paid you a wage and should have given you a W-2, just as if you had worked for any other company. It's not too late to get all the corporate stuff in line...again, get an accountant.

Once you have done all that, TurboTax is easy as it allows you to record income from multiple W-2s and from 1099s.

Good luck.

.

Answer 4

A larger return has more pages to it. I guess a tax preparer could submit a Form 1040 instead of 1040-EZ to make it "larger" but that won't make a dime's difference in your REFUND. A tax return is the forms and schedules that you file with the IRS. Any money that you get back when you file your return is called a REFUND. As to which way will put more money in your pocket, go with any free tax software, or grab the forms from the IRS website and do it the old-fashioned way, by hand. Your refund will the the same either way so you're $85 ahead by not paying for basic tax prep. The "creativity" of a true tax pro only kicks in when you have a complex tax situation. If you have questions like, "When should I sell my stocks to minimize the tax hit?" or "How should we handle this Net Operating Loss for the best tax benefit?" then a tax professional with extensive experience can be worth his or her weight in gold. Creativity on a simple return usually means disaster, such as a dishonest scam artist who probalby will have flown the coop by the time that the audit notice hits.

Answer 5

Yes, Turbo Tax Deluxe handles everything you can throw at it and then some. W2, 1099, Schedule C. You can even own a home and deduct that, too.

Answer 6

Yes, I have used turbo tax for the last three years, It's great! They will guide you every step of the way, and if you need on-line help, example: you need to talk to someone live, that is possible too. It's also a lot cheaper!!!!!!

Answer 7

if u need turbo tax details go to the following sites
these are the best sites for turbo tax

Answer 8

Make sure you use turbo tax deluxe and follow it step by step. It will ask you everything.

Answer 9

get TT DELUXE....i did mine on TT PREMIUM but I have a lot of investment transactions and it is designed for that.

Answer 10

Turbotax Deluxe will do all that.