turbo tax has people you can call or msg if you are confused. Never had a problem with using them. If something seems strange and they cant answer your questions then id say pay someone to look them over.
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I had the same mentality until this year. For some reason, entering my info into TurboTax wasn't that bad! Saved something like $200 using turbotax.
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Did you write off any tools you purchased, work clothes, trips you took? Club memberships, periodical subscriptions, that new pair of underwear? (work clothes)
Care to elaborate? How do you deduct tools and wheeling trips?
The advantage of using a CPA (or at least in my case), she will represent us in the event we get audited. She also is a rational soundboard for hitting the gray areas with regards to deductions. Anything that has to do with a 501 non profit can be tax deductable, within reason, including mileage, meals, and other expenses. Especially for officers. Again, this is where an accountant who will represent you against the IRS will give you a very straight answer.
Plus, the fee the accountant charges you is tax deductable.
Plus, the fee the accountant charges you is tax deductable.
turbo tax has audit protection also think its $20
Assuming you are reporting income from sources OTHER than your W2, activities related to that income stream, be it an LLC, DBA, whatever, can be deducted as business expenses.
If club membership is used to help foster customer relationships/bring in new work, that membership is a cost to the business.
Did you buy a round or some food for someone at a club event? Did you discuss a diesel swap?
You were soliciting new clients.
Did you drive there?
Track your mileage for that event.
To do this, you need to have a reasonable case that its a business expense. You need to have documentation. Whenever you have something like this, immediately take the (itemized) receipt and write on the back: who you were with, why you were with them, when should be on the receipt.
i.e. Went to club function and bought Stan some pizza. You talked about the finer points of 4BT vs. Vortec swaps. Sounds like a technical consultation to me. The cost of that pizza is now deductible. So is your mileage to get there.
Mileage can be written off at a standard rate, or if you track all your vehicle related expenses, as a percentage of total cost.
Tools and clothing for work are straight forward, just keep the receipts.
Documentation, documentation, documentation.
It doesn't matter how legit a deduction might be, if there isn't a paper trail, it's not worth s**t.
If SHTF and the feds are at your door, having all your paperwork in order will be key.
Last time I used to TurboTax (2005), cost me $11K to the Federales, and Turbotax told me "sorry" and that's that. Never again, paid the $250 for an expert to cover my 6. Having a business now, we use a CPA firm and can discount a lot of things that are business related. IRS rules change on the fly, so how you categorize something is more important than what the something is.
You also have to be careful if you have a full time job and a side job for the cruiser, depending on revenue it could be considered a "hobby" by IRS rules and you are screwed.
Since my initials are also IRS, my word here is the final up-ultra-end-of-all-ends. But seriously, my opinion is consult a good CPA, not the part-time ones. Some CPAs are more aggressive than others, so in the end is your money at stake. We chose conservative CPAs, maybe pay a little more, but damn sure the Federales will not screw with us..... much....
You also have to be careful if you have a full time job and a side job for the cruiser, depending on revenue it could be considered a "hobby" by IRS rules and you are screwed.
Since my initials are also IRS, my word here is the final up-ultra-end-of-all-ends. But seriously, my opinion is consult a good CPA, not the part-time ones. Some CPAs are more aggressive than others, so in the end is your money at stake. We chose conservative CPAs, maybe pay a little more, but damn sure the Federales will not screw with us..... much....
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A good accountant will save you many multiples of their fee. I hate the fees, but it's part of life.
Try Turbo Tax for a few years and then get an accountant to admend those returns.
Try Turbo Tax for a few years and then get an accountant to admend those returns.
I hear that all the time and have used TT for over 10 years now so a few years back I had my friends Dad who has been a CPA for some large corporations in LA for quite some time now look over my taxes from the past few years. Bottom line, he did find a few things here and there that could have eeeked out a few more $$$ but the price difference between a CPA and TT over the same amount of time would have ending up me paying out $1000+ It may be different for others though as results may vary
TT isn't for everyone, and I wouldn't recommend it for anyone that owns their own business or has complicated taxes, but it is very straight forward and will back you up if audited. If someone wants to use TT or a CPA it is generally a personal choice and opinion there really isn't a right or wrong way.
The big thing I like about Turbo Tax is it helps me organize my donations and gives recommendations on donation values by item. We use an accountant for our business, but I still use TT for personal as I enjoy using it and doing my own.
What are taxes????
I spent a long time living in the sort of state that creates Socialist presidential candidates and I can tell you for a fact, that you can spend well over 3 months working to give money to those who don't want to work, or work is beneath them.
Aahhh. That is the number i didnt get when i got off the boat!!
This is sweet - 1979 MERCEDES UNIMOG 416 EXPEDITION CAMPER
Unimog with VW Westfalia body on the rear for a camper.
Unimog with VW Westfalia body on the rear for a camper.
Boat? what boat? we had an inflatable raft....
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Ahhh quit your bitchin, I was born in Philly