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Tax Software

Discussion in 'Business Operations' started by drsogr, Jan 16, 2005.

  1. drsogr

    drsogr LawnSite Bronze Member
    Messages: 1,275

    This is my first year filing taxes for my business. I have a friend that works for H & R block that I have used for my home taxes, she does it for free. But the thing is every year I feel like I am being led blindly. I want to know about my taxes. I want to know about deductions. I know its not very interesting, but I feel its a necessary evil. Kind of like doing your bills, knowing where your money is going, and how you could save more money.

    As this is the first year for my business, and I did under $2000 in work, and didn't even pull a profit, I thought it would be a great year to try some tax software. Has anyone ever used them? Which one is the best to use?

  2. out4now

    out4now LawnSite Bronze Member
    from AZ
    Messages: 1,796

    My brother in law uses Turbo Tax because he has Quick Books and all that intuit stuff, I'd use a CPA though and get them to explain where you're loosing money and how to best structure/position yourself in the future. Guy I've always used is great, tells you exactly what is best for you and of course I have had his work doubled checked by another CPA in the past. Sometimes you can get two different people to do them and come up with different numbers. This guy is the son of my previous CPA that took over when his dad retired.
  3. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Messages: 7,670

    There are three primary "homeowner" tax prep packages,--Turbo Tax (Intuite), Tax Cut (H&R Block) and Tax Act (JK Lassiter). The "Deluxe" package of all three are adequate for most individuals and small businesses.
    I've used all three and all are fairly good. I'm am currently using Tax Act primarily because last years data is in Tax Act and will automatically roll forward. They are priced relatively the same.
  4. Smithers

    Smithers LawnSite Silver Member
    Messages: 2,265

    derek, i think you are asking two questions: tax software and record keeping.

    here is my answer. as many people will tell you, dont do your own taxes. spend $150-$200 for a good CPA and sleep good at night. dont mess around. it's more headaches than it's worth. do what you do best and leave the taxes to the CPA's.

    Second, you sould like a small operation that will not sell/buy stuff. I have Microsoft Money - works fine for me.Make sure that you get the BUSINESS edition. Most people on here have Quickbooks, it's $200.....but i doubt that they use even 5% of the software's potential. pointless to buy it if you wont need the bells and whistles.
  5. drsogr

    drsogr LawnSite Bronze Member
    Messages: 1,275

    I just wanted to give everyone an update. I bought TaxCut Complete Home and Business. I did my own taxes, and then I had a friend that works for H & R Block do the taxes for me, and there was virtually no difference. The total refund for me was within $20 dollars due to the way I depreciated something. And the way we did it was right on both accounts, just a different way to do it.

    Derek Ringer
  6. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Messages: 8,745

    actually next time go to TurboTax online to do your taxes. Only costs about $20-$25 to do it there to file federal and state

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