TurboTax Home and Business.

• tax question - memt2
  • Taxes - Kristy
    • Yes - memt2
      • TurboTax Home and Business. - -Incorporated too
  • Why don't you ask the accountant who did your taxes last year? - sm
    • Well - memt2
      • You can always say, "No, thank you." - sm
        • Agree, but geezzo, my acct only charged 150 to - do family/business taxes. nm

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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!

I used an accountant for 5+ years, but 450.00 got too expensive.  Used turbo tax last year and loved it, just so easy!!

I used the previous years taxes as a cheat sheet to help me fill out all the forms.

HTH

One on one with a kid is nice, too.

This summer has been absolutely crazy.  I haven't had a moment to myself for three months because all of my kids were home traipsing their friends through the house and yard.  My husband switched his work schedule, too, so he's around more than usual.  However, I like not having to do two loads of dishes and four loads of laundry a day.  There are no toys or clutter dragged out everywhere.  I can clean the house first thing in the morning, and it stays clean until everyone gets home at night.

I even got to relax with a cup of coffee and watch TV for half an hour this morning, something I liked for a change instead of cartoons or kids' movies.  I signed up for an online class that I've been wanting to take.  I can exercise without being interrupted.  Yesterday, I went to the mall and spent all my saved up gift cards.  I got some clothes, books, bath stuff, and a new coffee mug.  My work gets done a lot faster, too.  Call me nuts, but I've never had the luxury of being alone in the house for 14 years.  It's kinda nice.  I love my family with all my heart, but I love having a few hours to myself each week, too.

Except now the cat and dogs have been acting weird since the kids went back to school.  They must think that I need someone or something to clean up after and correct behavior on.  They're getting into everything and racing around the house behind me.

I have an interview today with a hospital...work in-house for 3 months, then go home, paid on production. I don't know as of yet what they pay production, so my question is to anyone who works for a hospital at home AND has also worked for a national at home...

Which would be the best to choose? The hospital offers great benefits, but the national I work for now also has benefits, not as good as the hospital, though.  Any input would be most appreciated!

Is there anyone out there kind of enough to point me in the right direction of starting my own MT business.  I have been doing a lot of research but found some outdated books online.  I need to know how to write up the contract. Can I do this myself or do I need it done legally?  the choice of software and line counting software.  It would mean so much to me.  I know a lot of you have done everything on your own, but don't I need to have a good starting point?  If someone could e-mail me with some or little info, it would be greatly appreciated.   Thank you again.

I empathize with all of you.  The MT industry is definitely going downhill.  What makes me especially angry is that it seems that the hospital HIM departments are responsible for a lot of what goes on, especially the misunderstandings between doctors and MTs.  During my very short time of working at a hospital, I noted that the department manager was too chicken to actually communicate with the doctors.  All she did was speak softly and flatter them whenever they would call to complain, and she would go in to that familiar rhetoric about being so sorry and having a talk with the offender, etc., etc.  It made me sick to listen to it. 

In a few short years, I will attain the label of geriatric.  I guess I lived my life backwards.  I was an RN first.  I really wanted to be a psychiatric nurse, but was stuck in Med Surg.  Just couldn't find the right opportunity, though I did get to work on one temporary assignment at the jail with the alcoholics and drug addicts.  Then, I did word processing.  Twenty years ago, I was commuting via subway and bus 2 hours in the morning and 2 hours in the evening, earning about $10 per hour as a word processor.  I made more money then than I do now, but I also had expenses for transportation and wardrobe, and I was not paid for those 4 hours a day of commuting.

I've been an MT for almost 2 years.  I went into it blindly.  AS has been my pattern in life, I always believe the good reports and think that a situation is going to be wonderful; I am often disappointed.  I've been waiting for my supposedly dream job, for a company that, one year ago when I took their tests and scored 97, required 2 years of experience.  Now that I have 2 years of experience, I see that they are requiring 3 years of experience. 

I live in a rural area.  The local jobs are mostly all just a bit over minimum wage.  So, I am thankful that I can work at something at home.  I just could not afford to earn minimum wage, while still needing to provide gas and wardrobe, not to mention the commuting time. 

I did work as an MT at a local hospital; not so local, as it is 60 miles round trip.  Talk about office politics, it was awful.  The manager had no clue what medical transcription was all about.  She was not a very good leader, and her top priority was to make herself look good.  The health insurance benefits were wonderful.  But, I couldn't stand working there.  Working at home is so much better in my case, in my opinion, at this time.

I feel lucky that I bought a home a few years ago and now my mortgage is a little less than the rent for a local one bedroom apartment.  I realize that, if I have to work another 10 years or more, I should change professions, too.  I figure that I could become a psychiatrist if I wanted to go through medical school.  I guess I might try for a PHD in psychology and become a therapist or something.  Unfortunately, I am now spoiled and don't want to commute to work.  I know of no way to be a psychologist from home unless I move to a home that is set up for seeing patients; this one will not work for that.  

I think that I am going to become a professional nutritional consultant.  That way, I can be a nurse and a psychologist all at the same time, without having to stick needles into anyone.  Blood tests have their place, but I am not one that ever was good at drawing blood or starting IVs.  I might have to consult with someone's MD, but not all of them are bad.  They can often be trained to treat you with respect.  I never allowed a doctor to talk down to me when I was a practicing nurse, and I certainly will not allow it now.  It makes me seeth when a doctor spells easy words for me.  This morning, a doctor spelled FLATUS, as if he thought I wouldn't be able to figure that one out!! 

Also, one of my pet peeves is that people take way too many prescription drugs for chronic diseases that could be corrected nutritionally.  So, this is probably going to me my next profession.

I've often wondered how a person gets a audience in front of the US Congress?  Do you submit a request or do you have to be invited?  I think I know how to send out press releases, and I bet we could find the email addresses of major newspapers and start submitting.  Remember that big report that one of the major morning shows had about how great it is to work at home as an MT?  Well, I wonder if they would like to hear the rest of the story?  Actually, I realize that many of their feature stories are promoted by the advertisers.  So, unless some big group backs us up, it is not likely we will get that type of coverage.  I guess we will have to contact some news journalist who covers stories regarding the underdogs of the world.  Did anyone contact Oprah yet?  I think this is not just an MT issue, but a woman's issue, since most of us are women, and as such, seem to have less respect in this country.  

I usually edit my postings, but decided to just let this one go through as written.  Recently, I read a story about life decisions and the theme was that, whenver we make decisions, we must be aware of how our decisions will affect the next 7 generations.  I really wish that the last 7 generations would have considered that.  And, as MTs and as mostly women, we must stand up for our rights to be treated with respect.  Consider the impact on the next 7 generations.  

Thank you for reading my message.      

Employees are most costly in terms of benefits, taxes and equipment. As IC is personally responsible for all of the above but not at your beck and call, either. Personally, as an IC, I prefer it that way, but I have the luxury of a hubby whose company can provide medical/dental benefits. You may find that when you notify your employees that they are now ICs some will find other work because they need the benefits (if offered).

Hope this helps in your decision-making process.