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Thread: Turbotax- which version?? + quarterly taxes!!!

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    Featured Member keira0304's Avatar
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    Default Turbotax- which version?? + quarterly taxes!!!

    Since I'm making more money than I thought I would, i'm going to file taxes, but only for what i made august-january of 09, since I kept no sufficient record of what I made jan-july ( i took a lot of time off and worked sporadically).

    1. Should i just file quarterly taxes since it's such a short time span? What ARE the quarters and when do I have to file for each one?

    2. Also, I want to buy turbotax.... i think that would be the best option for me. Which version is the best for strippers (maximizing deductions!). I was thinking the deluxe version, but maybe the basic would suffice?

    3. Lastly- I saw on turbotax's website on the tax calculator that school tuition is a deduction- is this right? I estimated i would put in 5K for school, and it took 1K off my taxes owed! Is this right?
    "Life and death, energy and peace. If I stop today it was still worth it. Even the terrible mistakes that I made and would have unmade if I could. The pains that have burned me and scarred my soul, it was worth it, for having been allowed to walk where I've walked, which was to hell on earth, heaven on earth, back again, into, under, far in between, through it, in it, and above."

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    Banned Melonie's Avatar
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    Default Re: Turbotax- which version?? + quarterly taxes!!!

    Turbotax for Home and Business has the best features for a first time filer of a sole proprietor business i.e. independent contractor dancer. It also automatically calculates all educational deductions and tax credits.

    As to the quarters, you just missed the September 15th deadline for paying estimated taxes on 3rd quarter earnings (July 1 - Sept 1) . The next quarterly deadline is January 15th 2009 for 4th quarter earnings (Sept 1 - Jan 1)

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    Featured Member keira0304's Avatar
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    Default Re: Turbotax- which version?? + quarterly taxes!!!

    Quote Originally Posted by Melonie View Post
    Turbotax for Home and Business has the best features for a first time filer of a sole proprietor business i.e. independent contractor dancer. It also automatically calculates all educational deductions and tax credits.

    As to the quarters, you just missed the September 15th deadline for paying estimated taxes on 3rd quarter earnings (July 1 - Sept 1) . The next quarterly deadline is January 15th 2009 for 4th quarter earnings (Sept 1 - Jan 1)
    Sept 1-Jan 1 is perfect!! I have been working solidly and keeping track of everything and will continue to do so. Does turbotax do quarterly taxes as well? Is there a calculator on there that will help me estimate my quarterly taxes?

    If I make 16,000 within that time frame and have 2K of deductions from dancing, is that too much? I read also that you're only allowed to claim 2% of your taxable income in deductions. Also- if I'm just saving up for the first tuition payment (due jan 1st) during that time frame, am I allowed to claim my first tuition payment as deductible??
    "Life and death, energy and peace. If I stop today it was still worth it. Even the terrible mistakes that I made and would have unmade if I could. The pains that have burned me and scarred my soul, it was worth it, for having been allowed to walk where I've walked, which was to hell on earth, heaven on earth, back again, into, under, far in between, through it, in it, and above."

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    Default Re: Turbotax- which version?? + quarterly taxes!!!

    ^^^ yes the Home and Business version does estimated tax forms and has an estimated tax calculator.

    Also a 'one time' deduction of $2k in eligible 'startup' business expenses would not be considered unusual.

    Tuition payments are tied to the 'tax year' ... so you probably can't claim a tuition payment made in January 2009 until you file your tax return for 2010.

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    Default Re: Turbotax- which version?? + quarterly taxes!!!

    is there a place I can estimate my quarterly taxes though? The only calculators i'm finding are for yearly... or does it not matter?
    "Life and death, energy and peace. If I stop today it was still worth it. Even the terrible mistakes that I made and would have unmade if I could. The pains that have burned me and scarred my soul, it was worth it, for having been allowed to walk where I've walked, which was to hell on earth, heaven on earth, back again, into, under, far in between, through it, in it, and above."

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    Default Re: Turbotax- which version?? + quarterly taxes!!!

    multiply / divide by 4/12 for the fourth quarter (which actually contains 4 months)

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