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.

Jobs in the New Economy--President Barack Obama's Messages

President Barack Obama, in his first State of the Union address last night made jobs a number one priority and asked the Senate for a job bill incorporating what the House has already proposed.  In the details below the headlines, President Obama spoke about creating new "green" jobs and talked about lots of construction, railroad, and nuclear jobs.  He did not say much about jobs for the experienced middle manager who won't have a new job to go to nor an old job to go back to.  Small Business can do much to create new jobs and the proposals of the Obama administration for Small Business are no where near as clear as the ideas for construction and energy jobs. 

President Obama stressed that he wanted to support Community Colleges--they will play a critical role in helping adults adjust to new jobs. 

A key area for growth for small businesses is for independent consultants with change management and training backgrounds to network in order to work with emerging technologies and to create the job training new employees will need for these jobs.  As they do that they can look for contracts or grants from the Federal government to provide appropriate training to help people step into these new jobs as they are created.

Steve Jobs, in promoting the new iPad, spoke about many of the innovations Apple has provided since 1976.  This kind of technology could well be the baseline for new training initiatives and for education in K-12, community college, and university systems.