TurboTax Home & Business 2008 enables you to file sole proprietorship taxes on Schedule C and employment taxes. Additional features
- 5 federal e-files, unlimited federal returns
- ItsDeductible&
- Live Tax Answers
- Audit Support Center
- Up to 5 free returns for one state
The software includes all the personal tax forms you need to file a 1040, plus Schedule C for your sole proprietorship or single-member LLC, and Schedule SE for self-employment taxes.
You can buy as a download for Windows or Mac, or you can get a CD which includes both the Windows and Mac versions. The cost is $99.95 on the website.
Preparing a Schedule C Using TurboTax Home & Business 2008
Since TurboTax Home & Business does not include corporation or partnership returns, I used it to prepare a Schedule C for a sole proprietorship. (You can also use the Schedule C for a single-member Limited Liability Company (LLC)).
As I worked through the Schedule C, TurboTax provided additional information on each topic. For example, for vehicle expenses, I learned more about whether the standard deduction or itemized deduction would be more beneficial.
The Cost of Good Sold/inventory section walked me through the process of determining beginning and ending inventory. I didn't see any discussion of LIFO vs. FIFO for inventory valuation, though this may have been because I was doing the calculation for a new business.
TurboTax Product Support
TurboTax Product Support
One of the first things most people want to know about software is how well it is supported. TurboTax has been around for a while and they have excellent support in various forms.
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The blog is a typical blog format, which means only the most recent post shows. But you can search for answers on your topic. If you search on the blog and the answer isn't on the blog, you will see relevant results on the web.
Once you log in (to Intuit), you can ask questions. You can search to see if your question has already been asked and answered. Answers are provided TurboTax Pros, SuperUsers, and others in the general community. You can see who is answering your question (TurboTax Pros, for example, are identified), so you can decide if you want to trust the answer. You can also see how many questions this person has answered. There is an index of questions so you can quickly go to a topic.
You can contact TurboTax from their [link ur;=https://turbotax.intuit.com/support/contact]Contact Page by clicking on the version of TT and the question. Then you can get quick answers, chat online, email your question, get a callback (they show how long you will have to wait) or schedule a call back at a time convenient to you. I like to use "chat" functions, because it's almost like talking to a real person by phone, without being left on hold or having to deal with a series of options.
