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Level 2

Questions Related To Tax Filing

I started my own company in [correcting edit from "May 2017"] May 2018.  Although I've been fortunate to have sales, I am still generating net losses.  I am preparing for filing taxes as self-employed under sole proprietorship for the first time.  Just had a few questions.

 

1)  For my situation, what version of TurboTax is best? 

 

2) I presume since both are Intuit products, integration will be seamless?

 

3) I have created a number of custom accounts in my GL for better reporting.  I did not bother to assign a "Tax Line Mapping" to these accounts.  But when I check some of the default accounts, some of them also are not mapped.  Should every single GL account and subaccount be mapped?

 

Thanks.

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Best answer 01-04-2019

Best Answers
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Level 15

Questions Related To Tax Filing

1.  You can file a Schedule C with all the TurboTax CD/Download products including Basic, Deluxe, & Premier.  TT Basic is all you need from what you say

2.  No it is not seamless, desktop tax line assignments have not changed in over a decade, but you know the IRS forms have.  In TT it is easy to just enter the numbers when you go through the interview or switch to forms and enter them directly.

3. Tax line mapping is an option that was a good idea, but as I said, has not been updated in over a decade. 

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5 Comments
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Anonymous
Not applicable

Questions Related To Tax Filing

Hello, theronin.

 

To get the best TurboTax version that fits your business needs, I’d recommend contacting their dedicated support team.

Here’s how:

  1. Visit this link: https://support.turbotax.intuit.com/contact/
  2. Choose I don’t know under Which product is your question about?
  3. Type in your question on the What do you need help with? field.
  4. Click Continue and you’ll be instructed to sign in using your Intuit account.

Once signed in, you’ll have the option to contact their support team. Visit us again anytime you have specific questions about QuickBooks.

Highlighted
Level 15

Questions Related To Tax Filing

1.  You can file a Schedule C with all the TurboTax CD/Download products including Basic, Deluxe, & Premier.  TT Basic is all you need from what you say

2.  No it is not seamless, desktop tax line assignments have not changed in over a decade, but you know the IRS forms have.  In TT it is easy to just enter the numbers when you go through the interview or switch to forms and enter them directly.

3. Tax line mapping is an option that was a good idea, but as I said, has not been updated in over a decade. 

View solution in original post

Highlighted
Level 2

Questions Related To Tax Filing

Rustler, thank you very much for the candid response.

 

On the one hand, I'm a bit dissapointed since a good part of why I bought QB Desktop Pro was what I presumed was seamless integration with other Intuit products namely TT.  But on the other, I'd have probably spent the time to tick and tie line by line anyway so net net I might be better off lol.

 

Not to mention now I have a good reason not to have to go back and map all those custom accounts I made.

 

Thanks again.

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Level 15

Questions Related To Tax Filing

Why did you Not File a Sched C for 2017? That was your First year of operation, apparently. You still have time to File this and amend 2017, to move into 2018 properly.

 

And for those Custom Accounts, use the Sched C to see the list of accounts as your reference. You don't need a lot more Custom accounts than what you need for reporting on taxes. The other reports to use for more details include Sales reports and Profit reports, not micro-managing the chart of accounts.

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Level 2

Questions Related To Tax Filing

Sorry that was a typo.  May 2018.

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