Saturday, January 31, 2009

I decided to buy Intuit Turbo Tax Business Edition. Well, actually it’s two programs. One for federal taxes, and other for state taxes (you need to specify your business type when ordering). Went through the program without any big problems. It was worth the $160 or so it cost to buy both programs, just for the amount of time I saved if I had attempted to do it completely myself. The only negative is that the state S-Corporation return must be printed and mailed.

For whatever reason, my state “replacement tax” was less than I had expected. According to the state website it is 1.5% of income, so I expected to pay “$XXX,” but according to TurboTax it was only “$XX.” Right there, I saved enough to pay for those tax filing programs. Keep in mind, for 2009, I still plan on taking out the full 1.5% for the replacement tax as I invoice… (Edit: This is the case because half the profit of the business went out as a wage, which isn’t charged replacement tax.)

Overall well worth the time and effort it saved.

Come next year, I might just buy all TurboTax software instead of TaxCut. I’ll have to see how much of a price difference there is on the personal filing software with schedule K-1 functionality.

So now, assuming the federal government accepts my e-file, all I need to do is send the state form (and $XX check) in the mail.

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