Posted: 4/12/2017 2:54:54 PM EDT
| Im trying to do my own taxes this year. I have 1099int, and 1099 misc income. I also mow some grass for profit and do some handyman work. I have mortgage interset and a box full of receipts. Am i going to need to pay for tax prep software? I just paid off back taxes and money is tight. Point me in the right direction! |
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Check out credit karma. I had a friend who recently did his through there and it was completely free. Pretty sure they let you itemize as well, so I would expect all your bases to be covered.
My taxes are a little bit more complicated than his as I have K-1s, so I use Turbo Tax. For your level of needs, Turbo Tax would probably be around $70. Good luck. |
| I'd say get the tax prep software. You get to deduct it down the line anyway. Turbo Tax or HR Block, either one will get the job done with a lot less headache than trying to do it the old fashioned way, they both lead you through the process with a minimum of headache. |
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I'd say get the tax prep software. You get to deduct it down the line anyway. Turbo Tax or HR Block, either one will get the job done with a lot less headache than trying to do it the old fashioned way, they both lead you through the process with a minimum of headache. |
| OP, what was the 1099Misc for and how much money did you make? You will have to pay SE tax but you can claim a lot of expenses against it. Let me know since i can give you some ideas for expenses to claim including if you can claim the simplified safe harbor home office. |
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It is subject to 2% AGI haircut so most likely you won't benefit from it. Quoted:
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I'd say get the tax prep software. You get to deduct it down the line anyway. |
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Im leaning that way. Ive used HR block for my GF's taxes. Is it as good as the rest or close enough to it? Quoted:
Quoted:
I'd say get the tax prep software. You get to deduct it down the line anyway. Turbo Tax or HR Block, either one will get the job done with a lot less headache than trying to do it the old fashioned way, they both lead you through the process with a minimum of headache. |
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OP, what was the 1099Misc for and how much money did you make? You will have to pay SE tax but you can claim a lot of expenses against it. Let me know since i can give you some ideas for expenses to claim including if you can claim the simplified safe harbor home office. |
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It is subject to 2% AGI haircut so most likely you won't benefit from it. 
Of course, the previously mentioned is not meant to be taken as tax advice. Bad humor, yes, but NOT tax advice! |
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Come on man, get creative. What happens if he claims it as Accounting, Software, or Computer expenses on his Schedule C for the 1099-MISC? If he gets caught he can just say "I didn't know that I could not do that".
Of course, the previously mentioned is not meant to be taken as tax advice. Bad humor, yes, but NOT tax advice! Quoted:
Quoted:
It is subject to 2% AGI haircut so most likely you won't benefit from it.
Of course, the previously mentioned is not meant to be taken as tax advice. Bad humor, yes, but NOT tax advice! 
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OP, claim 75% or so of the software bill on your schedule C for 2017. You probably know to claim your mileage. Also, look into doing a simplified method for home office if you in fact had a space at home you did business from (5 dollars per square ft up to 300 ft). Also, look at doing a portion of your cell phone. I am sure you are aware of all the other types of expenses 
Also, don't forget you get a gas credit for the taxes you paid at the pump. Did you keep track of how many gallons you bought for the "off road" equipment? We have plenty of small clients that mow lawns that get nice credits back for the gas taxes they paid. you do have to count it as income in 2017 but still..... |
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Im trying to do my own taxes this year. I have 1099int, and 1099 misc income. I also mow some grass for profit and do some handyman work. I have mortgage interset and a box full of receipts. Am i going to need to pay for tax prep software? I just paid off back taxes and money is tight. Point me in the right direction! You don't know what you don't know. Ask some friends for recommendations for a local enrolled agent or CPA that specializes in small business. Bring that person a piece of paper with your name, address, spouse's name, and both of your SSNs and ask them politely to file an extension and for an appointment after April 18th. You also need to know what state laws are for the services you are providing as they might be subject to sales tax. I have a bunch of handymen as clients that have varying levels of sales tax liability due to the nature of the work they do and my state's goofy sales tax laws. I make a lot of money fixing stuff that was self-prepared. I've also saved clients a lot of money by helping them learn what they can and cannot deduct. It's money well spent. |