Turbo Tax.
- Thread starter wvcourier
- Start date
I don't know which versions of Turbo-Tax do the per diem, but I always said my occupation was truck driver and on the travel expenses, I indicated that I was subject to DOT HOS regulations. That let me put in my full per diem and Turbo-Tax would calculate my 80% deduction.
I have always used the Turbo Tax that includes Form C for business expenses. Last year I used Taxslayer online. It worked, and was inexpensive. But I felt blind filling it out as it didn't let me look at the forms like Turbo Tax does. But, we're talking $19.99 for Taxslayer vs. Turbo Tax at $79 or more.
I would use TurboTax Home & Business, unless you were incorporated, or operate a Limited Liability COMPANY, that elects to be taxed as a corporation, if I were in your shoes. In the latter case, I would use Turbo Tax Basic, then TurboTax Business.
And yes, I capitalized Company on purpose.
And yes, I capitalized Company on purpose.
I know of a lot of drivers using Turbo Tax, Tax Act, and and Blocks Tax Cut, I only have one bit of advice on these return processing softwares,
IF YOU ARE AUDITED BY THE IRS FOR ANY REASON, YOU BETTER HAVE ALL THE ITEMS THAT YOU DEDUCTED ON THAT RETURN WRITTEN, AND ACCESSIBLE TO THEM, THEY WILL GO OVER EACH AND EVERY LOG BOOK, AND EVERY EXPENSE THROUGHLY AND MIGHT DISALLOW ITEMS THAT THEY THINK ARE NOT NECESSARY FOR YOUR BUSINESS EXPENSE,
THESE SOFTWARES NORMALLY DO NOT ALLOW, SHOWERS, LAUNDRY, DISH/DIRECT TV, SIRUS, OR UNLESS IT IS WRITTEN, THEY WILL SAY THEY ARE NOT NORMAL AND NECESSARY AS A EXPENSE. PLUS YOU ARE ON YOUR OWN,
SINCE YOU USE ONE OF THESE SOFTWARES, THERE ARE NO AUDIT PROTECTION UNLESS YOU PAY FOR IT SEPARATELY, OTHERWISE IF YOU GO TO A PREPARER, NORMALLY THEY CAN HELP YOU GET OUT WITH NO DAMAGE AND TAXES OWED,
EVEN THOUGH YOUR NOT PAYING $$$$$$$, IT IS ALWAYS WISE TO USE A PROFESSIONAL TAX PREPARER. ESPECIALLY WHEN IT COMES TO CORPORATIONS.
FRANKLIN kATZ
fRANKS TAX & bUSINESS SERVICE
kINGS MOUNTAIN, nc 28086
704-739-3934 TEMPORARILY
IF YOU ARE AUDITED BY THE IRS FOR ANY REASON, YOU BETTER HAVE ALL THE ITEMS THAT YOU DEDUCTED ON THAT RETURN WRITTEN, AND ACCESSIBLE TO THEM, THEY WILL GO OVER EACH AND EVERY LOG BOOK, AND EVERY EXPENSE THROUGHLY AND MIGHT DISALLOW ITEMS THAT THEY THINK ARE NOT NECESSARY FOR YOUR BUSINESS EXPENSE,
THESE SOFTWARES NORMALLY DO NOT ALLOW, SHOWERS, LAUNDRY, DISH/DIRECT TV, SIRUS, OR UNLESS IT IS WRITTEN, THEY WILL SAY THEY ARE NOT NORMAL AND NECESSARY AS A EXPENSE. PLUS YOU ARE ON YOUR OWN,
SINCE YOU USE ONE OF THESE SOFTWARES, THERE ARE NO AUDIT PROTECTION UNLESS YOU PAY FOR IT SEPARATELY, OTHERWISE IF YOU GO TO A PREPARER, NORMALLY THEY CAN HELP YOU GET OUT WITH NO DAMAGE AND TAXES OWED,
EVEN THOUGH YOUR NOT PAYING $$$$$$$, IT IS ALWAYS WISE TO USE A PROFESSIONAL TAX PREPARER. ESPECIALLY WHEN IT COMES TO CORPORATIONS.
FRANKLIN kATZ
fRANKS TAX & bUSINESS SERVICE
kINGS MOUNTAIN, nc 28086
704-739-3934 TEMPORARILY
How much dose turbo tax cost as compared to a professional?
Spend the $125.00 to $150.00 its well worth it, A C.P.A. will find the deductions due you and if you took heavy casualties and theyre legal and doccumented they know how to list them so you dont have red flags popping up with the I.R.S.
We are in the expedited freight business, not the tax business. They are trained in the new laws, besides you basicly get it done for free as it is a business expense and you can write it off as an expense. If you never hired a pro they can look back in time at prior years and find out if you left money on the table or if you screwed up and might owe. In the later case its better to find out now rather than endure an audit. Im sure the diference in your saving money to the government or posiably getting money back will make it worth it.
Why do you use an insurance agent and not do it yourself? Same difference.
Bob Wolf
Spend the $125.00 to $150.00 its well worth it, A C.P.A. will find the deductions due you and if you took heavy casualties and theyre legal and doccumented they know how to list them so you dont have red flags popping up with the I.R.S.
We are in the expedited freight business, not the tax business. They are trained in the new laws, besides you basicly get it done for free as it is a business expense and you can write it off as an expense. If you never hired a pro they can look back in time at prior years and find out if you left money on the table or if you screwed up and might owe. In the later case its better to find out now rather than endure an audit. Im sure the diference in your saving money to the government or posiably getting money back will make it worth it.
Why do you use an insurance agent and not do it yourself? Same difference.
Bob Wolf
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Its only a suggestion, the main thing is if you play with numbers They will AUDIT YOU, if they feel the return doesnt jive to them.
If you use the standard mileage deduction for a vehicle that is over 10,000 GVW, You could be disallowed the deduction due to the phrase "FOR HIRE", OR IF YOU SHOW OVER 100,000 MILES THERE IS A GOOD POSSIBILITY OF A AUDIT.
If you show both, fuel, repairs, insurance and the standard mileage rate " (only one is allowed. YOU WILL BE AUDITED)
The earned Income Credit they are checking a lot closer then they have in the past,
Remember the EIC cannot be used for anyone over the age of 18, or if they are in college, 24. They cannot graduate high School , take a year off and then go to college, they are over 18 and not considered students for the EIC There cannot be a break in education.
The additional Child Tax credit is not allowed over the age of 17,
TRY AN BE HONEST IN YOUR ENTRIES, AND EXPECIALLY WHERE YOU ENTER THE ITEMS, IF YOU DO NOT YOU DEFINITY COULD BE AUDITED.
Truthfully, they are looking more are At Schedule "C" somewhere around 500,000 tax returns with small business using the over the counter software due to fraud involved.
So if your chosen, DON'T BE SUPPRISED, I WARNED YOU
Starting next year 2013 tax year , according to the complicance division of the IRS they are planning on encrypting the software and you will be required to give your name, and address when purchasing it. (This is not engraved in gold yet, but it could happen due to the persons purchasing and using it for getting Compensation for doing tax returnsand not signing them which is required by federal Law/.
eNJOY
fRANKLIN KATZ
fRANKS TAX sERVICE
kINGS mOUNTAIN, nc
If you use the standard mileage deduction for a vehicle that is over 10,000 GVW, You could be disallowed the deduction due to the phrase "FOR HIRE", OR IF YOU SHOW OVER 100,000 MILES THERE IS A GOOD POSSIBILITY OF A AUDIT.
If you show both, fuel, repairs, insurance and the standard mileage rate " (only one is allowed. YOU WILL BE AUDITED)
The earned Income Credit they are checking a lot closer then they have in the past,
Remember the EIC cannot be used for anyone over the age of 18, or if they are in college, 24. They cannot graduate high School , take a year off and then go to college, they are over 18 and not considered students for the EIC There cannot be a break in education.
The additional Child Tax credit is not allowed over the age of 17,
TRY AN BE HONEST IN YOUR ENTRIES, AND EXPECIALLY WHERE YOU ENTER THE ITEMS, IF YOU DO NOT YOU DEFINITY COULD BE AUDITED.
Truthfully, they are looking more are At Schedule "C" somewhere around 500,000 tax returns with small business using the over the counter software due to fraud involved.
So if your chosen, DON'T BE SUPPRISED, I WARNED YOU
Starting next year 2013 tax year , according to the complicance division of the IRS they are planning on encrypting the software and you will be required to give your name, and address when purchasing it. (This is not engraved in gold yet, but it could happen due to the persons purchasing and using it for getting Compensation for doing tax returnsand not signing them which is required by federal Law/.
eNJOY
fRANKLIN KATZ
fRANKS TAX sERVICE
kINGS mOUNTAIN, nc
Legit, you just admitted to manipulating numbers. If they are not exact and you are reporting manipulated numbers then you are not filing a correct return.
wvcourier
Expert Expediter
Did I say "manipulate" I meant "adjust"..
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wvcourier
Expert Expediter
I dont think its illegal too not have taken every deduction that I could have..if im wrong please let me know..
I hope you are filing a 1040-ES Payment Voucher quarterly. If you are, then you are over paying to get refunded $7500 of your own money. You may want to make some adjustments. If you are filing a joint return, you still need to make adjustments. Remember; a refund is just as the name implies, a refund of your own money. Do you want the IRS to hold your money for a year or more before returning it to you without interest?
If you aren't making quartly payments and don't have a spouse that has taxes withheld then you are probably guilty of tax evasion or fraud for receiving a refund.
