Thursday, January 29, 2009

It looks like H&R Block’s TaxCut software is a dud in respect to business filing. I guess I misunderstood what they said it offers, so it can’t actually do business taxes, just personal forms related to self-employment like the schedule K-1.

I need to file a 1120s and related documents for the feds.

I also need to file the IL-1120-ST (“Replacement tax” return). They want an additional 1.5% of company profits to replace some tax that was removed from law in the past.

Looks like TurboTax has two programs that I can file those with for $150 total. To be on the safe side, I might buy those and file with them. Then come next year, I might have enough knowledge to file with paper, using 2008 forms as a reference.

I might have been under-estimating my federal income taxes on the business income. Hopefully it won’t bite me in the back-end once I am able to file my personal taxes. Still waiting on the staffing agency W-2 and I need to generate a s-corporation Schedule K-1 to use with my personal taxes as well (done when filing the 1120s).

It seems all a bit irritating and pointless. Having to jump through countless hoops with how corporate filing and management is in this country (I imagine it’s similar everywhere else).

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