Taxing and Trying--eFiles and Oops!!

I missed the post to this blog for yesterday--this one will do for February 28, 2010.  I was working on my USA taxes--both federal and state taxes using TurboTax software.  (I've been using TurboTax for about 17 years and use both their Business edition and their Home and Business editions.  With these services I can file returns for a corporation (form 1120), and individual returns (1040) with Schedule C (business) and (for Mom) investments. 

It takes quite a while to gather the information together.  It would be quicker if I kept up-to-date using two other Intuit products--Quicken and Quick Books.  All of the Intuit products are great.  I just don't keep up with yearly upgrades--except in the case of TurboTax.

I also feel much better about these returns (already triple-checked by TurboTax) when I sign-up for Audit Defense (also through TurboTax).

As of now, all of the required returns have been eFiled at the federal and state levels and I have secured Audit Defense for all three returns--Moms, mine, and the corporation.

Now I am thinking about what I need to do for next year.


This year, with the economic downturn, I had some questions and used the "Live Community" (free responses to tax questions) and the "Ask a Tax Expert" services offered by TurboTax.

When I first filed my corporate taxes, I used the wrong form and the IRS rejected my return.  I used the 1120S when I have an 1120 corporation.  TurboTax for Business has both packages and I just created a new 1120 return and filed it today.

I had three additional businesses this year to be reported on my individual tax return (1040).  TurboTax Home and Business helped me with all of that and I received some excellent advice from "Ask a Tax Expert."  TurboTax also guided me through working through the sale of stock on Mom's account and finding the "cash basis" for the stock to determine capital gains.