Turbo Tax Home Business Edition! Tax Q's!!

• Turbo Tax Home Business Edition! Tax Q's!! - Procrastinator

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It will walk you through everything and prepare a schedule C for you as well.  I would recommend this if you are going to prepare your own taxes. 

One of the things that I like about this software is that I can keep a track of both my business and home checking accounts in the same program without having to flip back and forth. It is a little on the pricey side, but you can import the data right into Turbo Tax (if you use that program for doing your taxes) and the software cost is a tax-deductible expense.

Link below.

Hi All,

I was a statutory employee last year but not now.  I usually do my own taxes but am having trouble with form 8829 and am not sure if the accountant can squeeze me in at this late date.  Thought I would try here first for help.  I use my den exclusively for work (almost) and am going to take this 7% of our home as a business expense. 

Under Part II... Lines 10 and 11.  Deductible mortgage interest and real estate taxes...I am going to take the entire amount on schedule A, so, hopefully, do not have to enter anything here. 

line 17. Insurance.  Are we allowed to take a portion of our homeowners insurance as a deduction? I have no separate business insurance. 

Line 19. Utilities.  I know I can take 7% of my electric, gas, water, garbage (I think), but what about phones? We have both cell and regular phone.  When I call, I use the regular phone for toll free numbers, but the cell phone to my boss who does not have a toll free #. 

Then, I need to find the value of my home for Part III. I guess I will check home sales in the neighborhood and go by that. 

Geez..sorry for sounding like such a dummy.  I can do all the other...capital gains, etc, just not sure what is allowed for home expenses.

As I say, I will try to get in to the accountant, but any advise for any of this form would be greatly appreciated.  I cannot complete schedule A until I have my Profit or Loss done, which I cannot complete until I do this form.

Thanks.

They had a judge sign a Chapter 7 bankruptcy order on 10/2 and have begun cutting off phone service to residental and business customers.  I found out about this when I attempted to make a long distance call today (I had the unlimited long distance home phone plan) and got notification that I had no long distance service available.  Upon calling them the representative told me that they're working on cutting phone service to everyone and at any time I could lose service.  I've called the "mega" phone service for my area, BellSouth, and signed up to switch hopefully before the line is disconnected by LecStar.

Interestingly I had signed up for their service through a cooperation they had with my power company.  The power company just found out yesterday about the bankruptcy and services starting to be cut off and is in the process now of calling every power company customer who had phone service with LecStar and telling them what is happening so that hopefully no one else will be caught off guard with a disconnected phone service. 

I am by no means an accounting-type person. I keep EVERYTHING in this program. I used to always have my checkbook screwed up. Now, I don't even bother with trying to keep a balance written in my checkbook register because I do everything from her. I have automatically scheduled transactions, reminders and bills set up. I actually now have a budget (unheard of before).

As far as invoicing, I have found it to be very easy. I would say my favorite feature is the ability to email invoices directly from the program to clients, saving me postage and the hassle of delayed payments because of PO delivery problems.. Another plus for me is that I have to collect sales tax and it set that up for me automatically when I set up my business--this makes it very easy for me to figure out my tax due each quarter.

Another plus is that you can set up Quicken to automatically download bank transactions every day so I can stay on top of what's going on with my money. It keeps me from missing those pesky ATM transactions that my husband makes in the family account!

If you get the Turbo Tax with the schedule C it will take you through everything.  Basically supplies, equipment, mileage, computer programs,  reference books - sources, internet if needed for work, phone.  Don't know if you are an IC or employee so home office may and may not work for you. 

If this is your first year it might pay to have a CPA or tax accountant do your taxes for the first year and then from there on out use Turbo Tax.  All the forms are in there to do a Schedule C which is what you will need to do.  Turbo Tax takes you throught it step by step for home office, utliites, supplied, etc.   Or else can go onto IRS internet page and they have all the forms you would need.  But again, first year if it costs $100 to get some advice from a CPA or tax accountant it is well worth it.  I did it for 3 years and then past 15 have done my own with Turbo Tax. 

For those who do not have the 3rd edition of AAMT BOS, thought I would let you know the changes.  Just got my copy.   I think some of them will take a lot of reeducation.  I do QA, and I know how hard it has been to move everyone toward putting 3-cm lesion.  Now we have to tell them it is wrong!  Sigh....

* Dropping the use of hyphens with numeric values and metric units when forming compound modifies (2 cm incision rather than 2-cm incision)

*Dropping the use of periods in most lowercased Latin abbreviations, like legal abbreviations (et al, eg, ie, viz, etc) and literary reference abbreviations (p, pp, sec)

*Continued trend toward dropping the use of periods with abbreviated personal and coutesy titles unless it is known that the person in question prefers the inclusion of a period (Dr, Mrs, Jr, Sr)

*Dropping the use of a comma to separate a person's last name from titles, such as Jr, Sr, or roman numerals following a person's last name from titles, such as John H Smith III.

*The inclusion of a space between the numeric value and the degree symbol when expressing temperature values and their scales (using degree sign)

*Dropping the space between parameters when expressing TNM staging for malignant tumors (T2N1M0 rather than T2 N1 M0 OR T2, N1, M1)

*Dropping the use of subscripts with EEG electrode references.

u dont know how much i appreciated this bit of orientation. I just started my first oficial transcription job at a nephrologist office. I'm so proud of myself after trying in within two years to KICK my foot in the door. This week has been tough but I'm learning and quickly catching on. I just cant wait till I can effortlessly fly through my reports. Thanks for the advise. I will purchase my book through ebay tonight.

thank you again,

rookie