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We are doing our own taxes doing the Turbo Tax program. We have the business edition. I had a small home based business that I sold last year. I made money on the sale but sold it at a loss for what is was worth. We cannot seem to find a place to write what I sold it for except under what I earned last year or a place to write about what it was worth as opposed to what I sold it for. Can anyone help???
I used to use TurboTax to do my own taxes. It was fast and easy. But then my tax life became more complicated and now I have an accountant who does them.
It sounds to me like this would be a good year for you to go to an accountant and have your taxes done. You can go back to using TurboTax next year, but when you have unusual circumstances like the sale of a business it would be prudent to let a professional do it, and make sure it is one that guarantees that they will accompany you if you get audited.
I tried using the turbo tax business for a side consulting business...and couldn't figure out the lingo at all. I have no problems using for personal though.
I finally gave up and paid $475 for a small home business that earned $2k that year. I have a good prospect of a permanant "consulting" sidegig that would be about $10k a year. I'm debating whether to keep the s corp open or just be paid as an employee. I was told I could "run alot of things" like car, health ins etc thru the company to "offset" my taxes but after this year I may not bother b/c of the hassle.
Get a professional to help you this year. Your business is worth what you sold it for... and your gain or loss is determined by your "basis" in the business.
Turbo Tax is a tool, and is fine for simple returns. Anything complex and you had better know what the answer should be before you plug the numbers in. I've had to override the program in several different areas to get to the right answer over the years. (CPA in industry here)
I use turbo taxes for personal but i think you may need to find a way to get training for the business edition.
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its great
