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View Full Version : Anyone use Turbo Tax premium?


gregp
01-20-2006, 08:10 PM
I officially started a tractor/landscape bussiness last summer. Now it is tax time. Has anyone used the Turbo Tax programs for there taxes. Do the programs help with the deduction and depreciation issues? I have a regular tax guy but the expense for just a regular return is high, much less with a small bussiness. Turbo Tax premium say it works for the schedule C. I am guessing this will work for me.

scott's turf
01-20-2006, 08:23 PM
I tthink it was turbo tax premeir and yes I have used it for the past 2 years. I did my taxes manually before but this does make it easier. You still have to know what your doing. I do all my quarterly's, payroll and monthly tax deposits so it is not that big of a deal for me. I think it costs around $70 and well worth it for me. Good luck.

Mower For Less
01-21-2006, 03:40 PM
Yes, I also use it, and it helps a great deal. Its all in interview form, so as long as you know the difference between an office expense and an advertising expense, it will make your taxes a cakewalk for you. It also does 1099's and W-2's for your employee's and sub-contractor's. And it keeps track of all of your amortized items, so the next year you use the program all of your carry-over deductions are automatically entered and all you need to do is enter the new ones. And if you use Quickbooks or Quicken, it will automatically import your data from there.

Kevin

gregp
01-21-2006, 08:14 PM
Does Turbo Tax help me with the depreciation issues? I purchased a Harley Power Rake and a few other tools. Can deduct there total cost or do i have to depreciate them over time? And if over time , How long. These are a few of the things i am hoping T.T. can answer for me.

olderthandirt
01-21-2006, 08:41 PM
Does Turbo Tax help me with the depreciation issues? I purchased a Harley Power Rake and a few other tools. Can deduct there total cost or do i have to depreciate them over time? And if over time , How long. These are a few of the things i am hoping T.T. can answer for me.

You can scheldule upto 100k a yr. for equipment if you want or put the power rake on a 5 or 7 yr depreciation scheldule. If you take it all this yr you won't be able to depreciate it nexy yr.

gregp
01-21-2006, 10:51 PM
OTL, Thanks for the information. I need all the right offs i can get this year. I will depreciate the tractor but will probably deduct the entire cost of the rake, tiller etc. I belive this is what you said was possible. Certanly not 100k but anything helps. I spoke with a local fellow who does not use turbo tax anymore. He said he needed to know all the rules and regs anyway, TT did not tell him what he could and could not do. He said all the program did was give him a bunch of blanks to fill in without the explanation as to whether his inputs were legal or not. That is why he uses a tax guy now. He assumes the tax guy knows the rule and regs.

olderthandirt
01-21-2006, 11:37 PM
You can scheldule upto 100k a yr. for equipment if you want or put the power rake on a 5 or 7 yr depreciation scheldule. If you take it all this yr you won't be able to depreciate it nexy yr.

Hey, I left out the most important part scheldule 179 for upto 100k a yr.

BTW never take accounting or legal advise from people on a green industry forum. :blush: :blush: Your $$$$ ahead to pay a proffesional to set you up right

gregp
01-22-2006, 01:03 AM
My wife thinks we should pay a pro to do our taxes this year. This way things will start out on the right track. Next year we should be able to go it alone. Good advice I think.

Mower For Less
01-22-2006, 03:41 AM
TurboTax will ask you for your equipment purchases, and set up a 100% first year deduction or put it on the appropriate amortization (5-7 years) based on the type of equipment and your choice of how you want it depreciated. Entering equipment deductions is very easy, and the program will walk you through it step by step. What kind of things do you want to know if they are legal or not? The IRS has every publication they have on there website available for free download that can help answer any questions you may be unsure of. It does help to have some knowledge of what is normal & usual as far as deductions are concerned, but for 95% or better of all situations I think the software will cover everything you need with no additional knowledge.

Kevin

6'7 330
01-22-2006, 07:14 AM
My wife thinks we should pay a pro to do our taxes this year. This way things will start out on the right track. Next year we should be able to go it alone. Good advice I think.

Bless your wife everyday--she is a wise woman, get an accountant .

Trinity Lawn Care, LLC
01-22-2006, 08:22 AM
I totally agree. IMO I would say hire a good accountant. It will be worth way more to you then then the money you spend.

olderthandirt
01-22-2006, 09:43 AM
I totally agree. IMO I would say hire a good accountant. It will be worth way more to you then then the money you spend.

He did not say an acountant he said to have them profesionally done. Thats mean a tax preparer--HR-Block or any swing Johnson thats ever filled out tax papers.

I think he should pay an accountant also to "set" him up for business not just do his taxes the 1st yr. but he only asked about taxes. :sleeping:

TLS
01-22-2006, 10:29 AM
I've used TT for several years now. Never had any problems. It will flag any possible errors. Then you can go back and fix or modify them. Has all the forms on there that I need. There is no way a tax preparer could possibly do my taxes without ME being there 100% of the time. Every business is run differently on paper. While it is deductable, you'd likely pay an accountant over $500 to get things in order for you.

BTW: It isn't tax season yet. W-2's and 1099 havent even been sent out yet by employers and banks!

Mower For Less
01-22-2006, 03:29 PM
BTW: It isn't tax season yet. W-2's and 1099 havent even been sent out yet by employers and banks!

I recieved my 1099's from my bank and mortgage co. a few days ago. They only have till the end of the month.

gregp
01-22-2006, 05:40 PM
Thanks for the replys. Mower for less, Those were the answers i was looking for. I have prepared my own taxes for years but not for a small bussiness. I needed to know it TT would help me with my equipment answers. Sounds like it will. No, I had not planned to go with an accountant. I was going to use HR block etc. I realise that an accountant is a great idea. But they are very expensive. Yes, I know, I cant afford not to have one. The wife once again. I wonder if TT will refund my money if i see that it wont work for me?

Mower For Less
01-22-2006, 11:59 PM
I am by no way a spokesperson for TurboTax, but I have used it for the last 3 years. I previously used TaxCut, but was unimpressed by the way it left me hanging to fill out areas of forms on my own, with little to no guidance. TurboTax was alot easier to use than TaxCut, more comprehensive in its scope and explanations, and never did I have to manually fill any forms out. If you have previously done your own taxes, and have some general tax knowledge, I am confident you will get everything you are looking for out of TurboTax. It will certainly be alot cheaper than a tax preparer, and just as good if not better. Plus, all of your information will carry over when you do your next years return, any amortized deductions, employer info, employee info (for your W-2's and 1099's), mortgage info, equipment depreciation schedules, etc... you only need to input that stuff one time, which makes your second year go MUCH faster. And like I said, the program runs in interview form, so its alot like talking to a tax preparer, you just do the data entry instead of them doing it. It really is easy to use.

Kevin

BladeRunner1967
01-23-2006, 08:32 AM
My second year using TT. So far, so good. It's nice not having to look at last years forms to see what you did. My wife is the same way. She wanted to be assured we were not going to have to pay out. We usually get a big refund which she likes to pay insurance and stuff. I put in all of my business first to show her the business will not hurt our regular finances. I guess I'm gonna have to INC or LLC next year. :dizzy:

I do have a question about the non highway mileage thing. Could not find on TT. Could anybody help out with what form to fill out? Or is this a state thing? I speaking about the gas I put in mowers that you get some kind of refund for. Thanks.

TLS
01-23-2006, 08:59 AM
Its FORM 4136 Credit for Federal Tax paid on Fuel. TT has this form in it. I forget which interview portion unlocks it though.