Anyone Use TurboTax for Self Employed?

[toystoryduo]

Hello fellow Budget Boarders~

My DH is self employed and normally, we would have our accountant do our taxes. However, we were just informed that it would cost us $700 to get them done this year! The frugal side of me says that there must be a cheaper way to get these taxes done. A few days ago, I helped my MIL and my nephew do their taxes through Turbo Tax and it was a pretty easy process. I think I saw on the website that they have a premium service and I was wondering if anyone has used this that is self-employed and has business expenses and such? Any information would be greatly appreciated!

 

[moniot]

Yes I have. It works wonderful. Use the TurboTax online. You don't pay until you go to print it out. Also use a copy of last years to compare. If you like the results pay, file and print. If not you still have time. I have used this for many years now. Walks you right through and next year you can import your information from the year before. Saves time and also helps with depreciation. The first year always takes the longest but the site is really easy to navigate and save so you can come back later.

 

[SueEllen]

I use Turbo Tax and have done my own taxes always. For the last 4 years I have been an "independant contractor" and have business expenses to deduct. I have found Turbo Tax to be wonderful (I purchase the premium version) It has a wonderful Q&A section to assist you with your deductions and what you qualify for. If you have prior year returns to use as a guide that will help you as well. It's a lot less expensive to purchase that program than to pay an accountant, however keep in mind you lose the personal service that an accountant provides to you as well as their expertise.

I do like the program though, and it is easy to use.
Sue Ellen

 

[toystoryduo]

Thank you for your replies!

It was very easy to use for my MIL and nephew, but they were not self employed. I think I am going to give TurboTax a try and see what happens. It would definitely save us a lot of money on tax prep!

Thank you very much!

 

[T. Lynn]

I've used it for the past two years being self-employed with Mary Kay. We also started another business last year, which I thought was going to be more complicated so I used an accountant. $750 later, I realized that I could have done it myself. There was nothing more complicated about it except being higher figures than my Mary Kay business. I use Quicken so I have a yearly print-out to go by anyway.

Lesson well learned...I'll be back to using Turbo Tax next year!

 

[jeankeri]

Is there any big difference in buying the software or doing it on-line? My husband is self-employed (S corporation) and we have been using an accountant. I have been mulling taking this on myself. Our accountant filed extensions last year then e-filed our returns, so I would be using 2003 returns as a comparison.

 

[ameraumi]

It depends on how complex your taxes normally are. If there is a lot of depreciation costs and such, then I would pay someone to do it. I have a home daycare and a few forms are too complex for me to do. I gladly pay the $200 for piece of mind. Not too mention in the event of an audit my preparer will be the one to answer for me!

 

[elgerber]

I used to daycare, and sold Tupperware and Creative Memories. I used Turbo Tax every year (well, still do but I am w2 now). It's a great program.

 

[Steph H]

I've used TurboTax premier to do my sister and BIL's taxes for the past few years. He's self-employed and I have to do a schedule C for them. A word of warning...what you get out of Turbo Tax is only as good as you put in. I use Quickbooks to do his bookkeeping (payroll, etc.), and I THOUGHT I did everything correct when I just let TurboTax import most of the income/deduction info from Quickbooks. It wasn't until my sister got the refund deposited in her checking account that I found *I* misclassified a category and caused an $1800 error! Lucky for me, the error was in their favor...she had $1800 added to her refund!

But imagine if it had been the other way around. My sister would have been less than thrilled.

So just be careful of your entries! Other than that, I love Turbotax, especially for my own personal taxes. Good luck!

 

[T. Lynn]

I have Quicken but don't let it import. I just print a report for the things I can claim. That way I'm sure it will get posted to the right category.

I normally get the CD and share the cost with my mom. It's nice to have on the computer. For the following year, I put in some of our totals 1/2 - 3/4 way through the year to see what we might be getting back for that year.

 

[Fionasmommy]

I'm self employed, and for the last three years I've used TaxAct. It's free and available online.

 

[snowbunny]

Yes, my DH and I have separate self-employed businesses. TurboTax is very easy. I also use Quicken but I don't import the data as I can't be sure I've categorized it all cleanly; I use paper receipts that go into the year's tax file to back up all entries in TurboTax.