turbo tax

Discussion in 'Business Operations' started by williams lcm, Dec 1, 2013.

  1. williams lcm

    williams lcm LawnSite Bronze Member
    Posts: 1,030

    How easy is this to use? Should I get a CPA or use turbo tax for my small business? Thanks
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  2. TML

    TML LawnSite Senior Member
    Posts: 830

    I've used it for my personal taxes the past 3 years and have been satisfied, it walks you through step by step and will let you know if you qualify for certain deductions or not.

    I used it this year to see how it would work for my part time business, same experience. If I had employees and this was my primary income I probably would get an accountant. I may next year anyway as they can advise better on purchasing decisions and will probably be able to find more deductions, especially writing off use of property ect.

    It was very time consuming as I had saved all receipts and had to break down and itemize. I had to pay far less than I anticipated and could if paid less if I depreciated various equipment at different levels. It also takes care of state and federal taxes and figures in the self employment tax. It does have sections for employees, sub contractors, and claimed to download all necessary forms related to such.

    Now disclaimer I'm no business or tax pro but I have used it and been satisfied, again for a simple solo owner part time business.
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  3. whiffyspark

    whiffyspark LawnSite Fanatic
    Posts: 6,099

    Same here. Theres no sense in a CPA for a solo person. I have 3 businesses I use turbo tax for
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  4. shane-pa

    shane-pa LawnSite Senior Member
    Posts: 337

    been using for three years now. figures everything out for me. i print a p&l from quickbooks and enter in all revenue and expenses. the biggest thing is knowing what you can deduct and what you can't. it figures out depreciation based on info entered. works good for me. if i was a corporation or llc, i would seek an accountant.
     

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