Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Turbo tax
Old 03-31-2018, 01:26 PM   #1
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 87
Turbo tax

My accountant has made several mistakes as of late and I'm thinking of using turbo tax next year. I used it many years ago and appreciated it's ease of use, but for the last decade or so I've used an accountant as my situation became a bit more complex.

My wife and I are both independent contractors so we get a 1099 and each contribute to a SEP. We each have our own s-corp with the accompanying payroll/w2, etc. under the advice of my accountant. I guess it helps me save on FICA/self employment taxes.

Anyway, I've searched some of the posts here and looked through a couple of turbo tax tutorials, but I'm having difficulty figuring out if turbo tax will be appropriate software for our moderately complex (in my little head)situation. Maybe we should stop using the S-corps to simplify things?
Any advice is appreciated.
__________________

__________________
I'm sorry if I ask questions that are too nosy/personal.
Scout is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-31-2018, 03:43 PM   #2
Recycles dryer sheets
 
Join Date: Jul 2016
Location: New Hampshire
Posts: 381
TurboTax Business (not Home and Business) is what you want here. Cheaper from Amazon than buying direct. This is also what you need for filing Trust returns.
__________________

__________________
Steve
jonat is offline   Reply With Quote
Old 03-31-2018, 04:55 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 8,551
If you're unsure you could buy TT this year, run your numbers through it, and see how it compares to what your accountant came up with. If they are the same, you should be good to go. If different, examine to see which was wrong, and proceed accordingly.
RunningBum is offline   Reply With Quote
Old 03-31-2018, 05:00 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 23,353
^^^ good idea. Then you can also use the What-If worksheet to see how your 2018 taxes will shape up and in doing estimated taxes.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 04-01-2018, 07:30 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 9,505
I switched from an accountant to Turbo Tax after I retired and DW dropped into a form of semi-retirement with her law firm. You may want to do what I did and run TT on the side and compare the return with your accountant's. I did that one year and was able to straighten out a few things that were off in my assumptions. Once I got the initial bugs worked out I was fine using TT.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 04-01-2018, 09:43 AM   #6
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 87
All great advice
Can you do payroll and quarterlies through TT?
__________________
I'm sorry if I ask questions that are too nosy/personal.
Scout is offline   Reply With Quote
Old 04-01-2018, 09:56 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 23,353
Probably not.... you'll need somethig like Quickbooks for payroll and payroll tax returns.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 04-01-2018, 10:55 AM   #8
Recycles dryer sheets
 
Join Date: Oct 2006
Posts: 87
Thanks everyone.
Very helpful responses.
__________________
I'm sorry if I ask questions that are too nosy/personal.
Scout is offline   Reply With Quote
Old 04-01-2018, 08:27 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 3,173
TT business will do forms 1165 (partnership) 1120 C corp, 1120 S Scorp, and 1041 trusts and estates, as well as 1099s.
__________________

meierlde is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Turbo Tax Deluxe 2016: Anyone Else Having Problems With ĎEstimated Tax Paymentí Entry ownyourfuture FIRE and Money 11 02-19-2017 12:52 PM
Turbo Tax - Tax-Exempt Income not added to State Return Felix Mulier FIRE and Money 18 04-07-2013 12:46 PM
Any free Turbo tax downloads? Texas Proud FIRE and Money 9 02-04-2009 08:52 PM
Turbo Tax users preparing multiple returns... ziggy29 FIRE and Money 67 12-12-2008 08:21 AM
TurboTax Basic vs. Turbo Tax Premier Geoffrey FIRE and Money 20 01-20-2008 01:15 AM

» Quick Links

 
All times are GMT -6. The time now is 04:10 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×