Will Turbo Tax Business handle a small oil and gas S corp with Intangible drilling costs, working interest income, overriding royalty interest income?
1535715
Did a search on Google and looks like there are some who do...but I have never done it before. https://www.google.com/#q=turbo+tax+business+oil+and+gas+royalties
1094714
Form 1040 is for personal taxes, this software is for corporations. If you have a self employed business, the form you need to file for the business part is Schedule C that is embedded in 1040. So you need Turbotax Home and Business.
2013532
That's correct; you cannot import info directly from Schwab into the H&R Block software. I've used Tax Cut for years (I'm a Schwab customer), and I copy the info I need from Schwab into an Excel file, and then use a third party macro (from InvestoTeK, called ConvertExcel2TXF, $5.00) to make the conversion of the info from Schwab into the needed format (.TXF file) which can be imported. I discovered this last year when doing our 2009 taxes and it works great. You just pay for the macro and download it online. (I have no connection to InvestoTek except as a satisfied customer). FYI if you are a Schwab customer you can buy TurboTax through them for a discount. I just prefer the H&R Block software to TT.
1322205
as long as the drill will accept SDS it should accept these because sds unless it's something I don't know
2262678
They will figure out self-employment tax in your 1040. You can report income from 1099s and deduct business expenses as well.
756022
Yes, if you purchase the download or the retail package (which you can get from Amazon). Also, "yes" if you pay for the online version (which you cannot get from Amazon, you can get this from the TurboTax website). I believe the only case where the Basic version would not print the federal return is if you use the online version, and don't pay the 20 bucks when you want to file your return. I have used the Basic version of TurboTax since 1996. In my opinion, the only benefit to the Deluxe and Premier versions is that they provide you with more guidance for more complicated returns. If you generally know what you are doing (say, not much has changed from previous tax returns), the Basic version should suit your needs.
406640
There was no paperwork so not sure. Searching the web for their corp info but no luck so far.
748567
Tax laws change, so the software must, too. I personally use an updated version so the integration to my bank and business stays current and within tax code.
2058503
Yes! The software allows you to categorize expenses according to the tax code, and allows you to transfer the information to Quickbooks, Quicken, Turbotax, or an Excel file. It's great!
1960091
It's only for business, corporations etc. One of the other products will be necessary to complete your personal taxes.
747158
I'm really not sure. I would suggest that she pose that question to the Turbo Tax Support Assistance.
2115732
I think it depends on who issues your 1099 for int div b & r. I know Morgan Stanley has said it could import information directly to H & R Block at Home.
1865044
Sure, if you are not interested in keeping track of total miles driven it could certainly work that way. I personally keep mine plugged in to log everything and then weekly I identify the business trips in their trip log. My understanding is if audited, the IRS wants to know the reason for the trips in addition to the miles driven.
1319151
You will need to file forms with the IRS for the LLC (Form 1065, K-1s and any other applicable forms for your type of business). The home and business turbo tax does not include those forms. But the home and business turbo tax does allow you to include the income you earn from the LLC. If you want to use turbo tax for the 1065 and other forms you need to file with the IRS, there is another turbo tax product you would have to purchase for that - but I have never used it.
633320
I bought Turbo Tax Deluxe and on the back of the box it shows what features are included in both Basic and Deluxe. Basic is for those who do not itemize deductions, while Deluxe is for those that do itemize. It does not indicate that there is any income limit or parameters for either software. Hope that helps.
801038
Yes, as long as the software is not illegally shared. The license agreement allows you to use the TurboTax software to prepare as many returns as you like. However, the software can be installed only to computers belonging to you.
427893
TurboTax Deluxe will work fine for you if you have capital gains transactions (including stock and mutual funds). TurboTax Premier has more help and guidance (like lot sales, ESPP, stock options, automated cost basis) for these types of transactions than Deluxe. If you have fairly straightforward stock/mutual fund transactions, Deluxe is great. Bob Meighan VP, TurboTax