Is turbotax a good program to use if you're self employed?
104712
Yes for the routine small business that is a sole proprietorship (not a corporation or partnership which requires special forms).\n\nI use it or TaxCut regularly.
1024160
First of all, if your total income for the year does not exceed a certain threshold,  you are not required to file as your income is exempt. Otherwise the only way your employer can do this legally, (NOT withhold Federal, Social security and State income taxes ), is for you to be classified as an independent contractor. The guidelines for independent contractor status are fairly strict, so you need to establish that he is acting within the law. If he is trying to pull a fast one, the penalties are pretty tough. A lot of times small businessmen will do this to get out of paying their portion of the social security tax, and avoid carrying workman's compensation insurance on employees. If you truly do qualify for independent contractor status, you are in effect, in business for yourself and will be required to pay estimated taxes on a Quarterly basis. The Federal IRS form for this is available from the IRS, and instructions for filling it out and filing it are also available from the IRS. In addittion to regular income taxes you will be responsible for self employment taxes ( Social Security ) of around 13%. \n   If you plan on remaining on Independent Contractor Status, I would suggest you get a software program called Quickbooks Pro. Pro is a relatively inexpensive all-in-one program for everything from accounts recievable to check writing and computation of tax liabilities. Most importantly for you, it will help you caculate the amount of taxes to withold for your quarterly tax payments. Also, as an independent contractor you will be able to classify all of your business/work related expenses in categories for automatic computation at year end into totals for legal tax deduction purposes. If you are generating enough income, you will be able to deduct the cost of, a vehicle used in your work. (Or a percentage of the vehicle if it is used for personal use as well) Depending on your line of work, tools, clothing, per diem housing (when out of town), insurance, office space, and a long list of other possible items are deductible. Quickbooks will guide you through tax filing at years end as they have software for tax filing at a reasonable cost that is upgraded every year to reflect changes in the Federal tax code. If your business is succesful enough, you may need the services of a good accountant.\n\nYou will NOT be using a W-4 form, as that is the employees declaration of exemptions to be filled out and provided to the employer for withholding.
144928
You can use Turbo Tax at a 50% discount through Fidelity Investments. You don't have to have an account with them.
1001337
Do both - not only is it good for the grants and loans but it also helps you to clarify what you plan to do and the time frames.  I started my business in January with the help of a government loan and we had to do a proposal letter, a business plan, a projected cash flow and many other documents that have proved very helpful to me in operating my small business.  If you live in Canada, you can apply for the same grant - it's called the Self Employment Benefits plan, and is run by the Employment Insurance office.  They give you great training (two weeks in class) and tons of support, as well as close to $13,000 over 8 months that you do not have to repay.  You can also apply for loans up to $5,000 to get off the ground.\n\nGood luck!
118772
yes. and usually if you buy turbotax or taxcut software for federal taxes, you get software for state filing, as well. AND sometimes you can file for FREE with a mail-in rebate!
949736
I'm an accountant.  You can easily do your taxes yourself.  Now that you have a home you'll probably be itemizing your deductions.  You can now deduct your mortgage interest, property taxes, state income taxes, if any, and charitable contributions.  I use TaxAct.  It's really easy.  All you have to do is answer the questions and fill in the information.  And it's pretty inexpensive.  I think I paid $15 to file both Federal & State last year.  Don't use a professional.  They'll charge you a couple hundred dollars AND they'll use the same kind of software as TaxAct or TurboTax.  Good luck.
169275
I realize you are in a cash squeeze, but I would not trust my accounting records to freeware. Even though it may be a great program, you really have no real claim to support of the product, because its free.\n\nStick with quickbooks pro. Not that expensive and really easy to use.
100662
Deductions for professionals tend to be similar.  Tax Preparation programs go to great lengths to explain them to you. One such program, and the one I use is Turbo Tax. I also use Quicken for Business which downloads much relevent information into Turbo Tax each year. The two programs work well together. If you are not confident in preparing your own taxes you should consult a CPA. However, if you are a college educated registered nurse I think that you will be more than capable of preparing it yourself with the assistance of a tax preparation program. Deductions vary widely. For instance, Nurses are required to have continuing education each year, as are all other proffessions. If you find a qualified continuing educatiobn class in Mexico or the Bahamas and attend it, your air fare, hotel room, food, and all other expenses related to the trip expense to obtain the continuing education credits are tax deductible. But the tickets to Disney World for your family would not be. Neither would the air fare and expenses for your family if they accoompanied you. Good luck
1000019
Never heard of it and have been in the business for over 10 years. Try TaxCut or TurboTax, those are your best choices and they offer assistance if you need it.
35501
I recommend it to everyone, even if you use an accountant.  My sister used an accountant.  I convinced her to let me use TT on her return.  I found that the accountant missed a big deduction related to her rental properties.  TT asks questions in a straightforward yet thorough manner.  And, it transfers data in from the previous year's filing.  I will say it costs way too much.  Watch for the best price around tax time.
1168492
For federal, you'll need a schedule C (or C-EZ) where you'll list your business income and expenses.  Will probably also need Schedule SE to calculate self-employment taxes (covers social security and medicare taxes).  Numbers from these schedules go on your 1040.\n\nFor state, each state is different.\n\nGetting an accountant, especially for at least the first year so you can see how it's done, would be a real good idea.
72901
i think you can go into one of those tax services like at amscot or hrblock with you last paystub and it shouldn't be a problem as long as everything is correct and up to date.
938834
It simply depends on what you do, and whether you can persuade the tax office that you are genuinely self employed. The IR 38 rules were designed to cut down on the abuse of self-employment as a means of avoiding both employment rights and employers PAYE, which means they are far more stringent in who is allowed to claim self-employment.
91328
Go to TURBOTAX.COM. If you can read you can e-file. They will walk you through and ask you questions. You just answer the questions and they do all the work. Very cheap,too!
336009
Wow, I wish I had a solid answer for you but tax laws are so squirrelly, and they vary from state to state. I can tell you that you want to be very careful to take the correct steps because nothing hurts a business (or your wallet) like IRS trouble. Consider a consultation with a CPA. These guys are worth their weight in gold, and usually know what your business needs long before you do.\n\nYou can also ask your questions here: http://www.irs.gov/\n\nAnd here's a real, legal list of deductions for the self-employed: http://www.irs.gov/businesses/small/arti...\n\n\nBest of luck with this,\n~Tia~
123544
If you are married, you should file as married. It is not a garauntee you will get a huge return whether you file single or married. Depends on your income and how many deductions you have and /or any dependants that you claim. If you and your spouses income is not over a certain amount combined , I think the limit is $80,000, thats together, I think you should still get a good return if you file together. Hope for a big return for you. Make sure a professional does your taxes this year since you are newly married. Go over the return after the process, and next year you should be able to see what to do and what not to do, you can do them on your on if you like.
228298
If you get pd on a 1099 you pay your own federal tax and self employment tax. If I were you I would think of the deductions you would be able to take. If there is not a bunch than I would get paid on a w2. I have done may peoples taxes that have not owed a tax but have had to pay in the self employment tax ( social security 6.2% and medicare 1.45% tax. It can really hurt you