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Post by deltas*delights on Jan 26, 2021 3:20:50 GMT
Hey guys!
How easy is turbotax? If I could save paying an accountant $400 i sure would love it. I have no 1099. I just have basic spreadsheets for Ebay, poshmark and Cambly with my yearly profit and loss. It's broken down by month but nothing is itemized. Is this something I could do myself? I am mathematically challenged.
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Post by chapeaunoir on Jan 26, 2021 3:40:30 GMT
TurboTax is easy - you'll need the one for home and business which has the schedule C. It steps you through everything - it'll do all the calculation for you.
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Post by deltas*delights on Jan 26, 2021 3:54:41 GMT
TurboTax is easy - you'll need the one for home and business which has the schedule C. It steps you through everything - it'll do all the calculation for you. So I will need 2? What all numbers will I need? Wesley and I will each have 2 w2s plus my other info. |
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Post by deltas*delights on Jan 26, 2021 3:55:32 GMT
TurboTax is easy - you'll need the one for home and business which has the schedule C. It steps you through everything - it'll do all the calculation for you. So I will need 2? What all numbers will I need? Wesley and I will each have 2 w2s plus my other info. Also how long will it take for refund do you know? |
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Post by deltas*delights on Jan 26, 2021 4:05:59 GMT
TurboTax is easy - you'll need the one for home and business which has the schedule C. It steps you through everything - it'll do all the calculation for you. So I will need 2? What all numbers will I need? Wesley and I will each have 2 w2s plus my other info. Du. I thought you meant 1 for home and 1 for business. We have property taxes and student loans and such. Does tt allow for all of that? Thanks Chap! |
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Post by labbypaws on Jan 26, 2021 5:12:35 GMT
Right now the IRS is not accepting transmissions until after Feb 12 due to the stimulus checks. Normall I have my refund deposited within 3 weeks. If you can file before a Friday they seem to come quicker. Friday or later they come the following week.
Once you have everything set up, next year you won’t have to re-enter your personal information. It also will guide you step by step. It will show you. Next year where your deductions and incomes were from this year’s form. SVes a lot of time.
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Post by chapeaunoir on Jan 26, 2021 5:47:53 GMT
So I will need 2? What all numbers will I need? Wesley and I will each have 2 w2s plus my other info. Du. I thought you meant 1 for home and 1 for business. We have property taxes and student loans and such. Does tt allow for all of that? Thanks Chap! Yes - the home and business edition will calculate all of that - we do our taxes using it and have for years. Getting this year's edition means any tax laws that have been changed or updated will be reflected in the software. The software also stores previous tax years, so if you use it year by year, it will archive everything. Turbotax Home and Business
We get ours at Costco. ETA: We don't get refunds - we always pay a little, so I'm not sure what the lag would be on that. |
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Post by zoesam on Jan 26, 2021 17:48:37 GMT
We use Tax Act. But they're all super easy. When we've had refunds, it's usually a couple of days, but yeah, they're not accepting any until 2/12 I read. They all handle all the basics, we've even used it for multi-state filings & complicated real estate tx's. Def worth doing yourselves!
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Post by RetroMonde on Jan 26, 2021 17:58:11 GMT
We've used Turbotax for 8 years and I LOVE it. We're both self employed and use the business version. TT also does our state form cause we also pay state income taxes & various taxes for DH's business. It takes me a few hours to do the taxes- using Godaddy Bookkeeping to import all our expenses & income each year has been a game changer since all our expenses & income flow thru our bank accounts. I'm no bookkeeper or accountant but the program walks you thru step by step. If you get all your paperwork & figures done before you start it's an easy flow thru the forms. I don't buy a physical version- the online one has everything I need. Seems like we pay about $200 once the taxes are filed.
We rarely get refunds either so no idea how long refunds take.
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kritter
Mod Squad
When we lose sight of how we treat animals, we tend to lose sight of our humanity
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Post by kritter on Jan 26, 2021 18:00:30 GMT
I do the TaxAct online version and the refunds have not been delayed at all when I get one.
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Post by deltas*delights on Jan 26, 2021 22:55:48 GMT
Thanks for the info everyone. I still have to think about it. I'm so nervous! Still waiting on 1 W2 anyhow.
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val2525
Chaos Manager
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Post by val2525 on Jan 27, 2021 18:02:29 GMT
Another vote for TaxAct. Refunds used to take about 2-3 weeks, depending on date of week the return was filed and if you use direct deposit (dd will get you your refund faster). This year, however, there is no telling how fast refunds will come in until the returns start being filed (2/12). The IRS still has serious staffing shortages and backlogs so that may or may not affect refunds.
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val2525
Chaos Manager
Posts: 30,732
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Post by val2525 on Jan 27, 2021 18:03:22 GMT
BTW, $400 for a tax return with multiple W2s, schedule A, schedule C, child tax credit (and possibly earned income credit?) is a good price.
Turbotax for sched c + state is going to run $130. TaxAct sched C + state is going to be around $110.
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Post by chapeaunoir on Jan 27, 2021 18:40:42 GMT
Thanks for the info everyone. I still have to think about it. I'm so nervous! Still waiting on 1 W2 anyhow. The biggest deal I've found with using tax reporting software is to have all of your records assembled before you start. |
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val2525
Chaos Manager
Posts: 30,732
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Post by val2525 on Jan 29, 2021 17:00:53 GMT
Hey guys! I just have basic spreadsheets for Ebay, poshmark and Cambly with my yearly profit and loss. It's broken down by month but nothing is itemized. You will need to sort the spreadsheet data by expense type. You'll need it broken out that way to enter in the tax return. |
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Post by zoesam on Jan 29, 2021 18:40:37 GMT
If you haven't been doing it yourself Delta, take a look at the Sched C online at irs.gov. I found that super helpful, early on, so I could see the categories as the breakdown on Sched C.
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Post by deltas*delights on Jan 29, 2021 20:58:17 GMT
Hey guys! I just have basic spreadsheets for Ebay, poshmark and Cambly with my yearly profit and loss. It's broken down by month but nothing is itemized. You will need to sort the spreadsheet data by expense type. You'll need it broken out that way to enter in the tax return. I have it broken into inventory, ebay fees, paypal fees, and shipping. I never went thrifting more than 5 minutes from home last year so I didn't keep up with mileage. Cambly expenses were all props. Flashcards, puppets, books, things like that so I should be okay. Thank you! |
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val2525
Chaos Manager
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Post by val2525 on Jan 30, 2021 18:53:45 GMT
This year might be a little tougher because of the reconciliation with the first stimulus, the paid time off from the CARES Act (yes, self employed can take the credit under certain circumstances).
Personally, I'd pay someone to do the return for 2020 and for 2021, because you stand to potentially lose some valuable tax credits if you don't know what you're doing. We've been to webinars on all of this at the office and we're still a tad in the dark about how it will all work, until we can do a return or two and see the actual flow thru the return between schedules, credits and the 1040 itself.
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Post by zoesam on Jan 30, 2021 22:46:26 GMT
You will need to sort the spreadsheet data by expense type. You'll need it broken out that way to enter in the tax return. I have it broken into inventory, ebay fees, paypal fees, and shipping. I never went thrifting more than 5 minutes from home last year so I didn't keep up with mileage. Cambly expenses were all props. Flashcards, puppets, books, things like that so I should be okay. Thank you! Fees are all 1 category. I highly recco peeking at the categories at they are on the Sched C. That way, you can break them down that way in your acctg software. Saves a lot of time! |
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