I stopped in my neighborhood office supply store to ask about TurboTax for 2008 last evening and was told they hoped to have it on the shelves Friday 11/21. I will be there and looking for it

I thought I would mention it here because we will still have the month of December to get our ducks in a row with income and expenses to have our Schedule C businesses make little or no profit on paper for 2008. Of course low or no profit in 2008 is overall pretty easy between the relative lack of jobs, the lower than normal fees and the mileage deduction that is 50.5 cents per mile from 1/1/08-6/30/08 and 58.5 cents per mile thereafter.

Although I could wait until after New Years and find bundled software that includes TurboTax or coupons for discounts or a discounted version through a financial institution, I always find it is for me more profitable to purchase when it first comes out, at full price if necessary, in order to do my preliminary return and make year end adjustments.

Because I need to buy the version that produces a Schedule C, I am comfortable with writing off the difference between doing a simple personal return on line and the software expense against my business.

Tax time! In January, I go back to my other life. This will be my 9th year managing an income tax service. Keep records, people.

I have always gotten Turbo tax online at discount.......two years w/Fidelity(even though I am not a customer) and last year w/State Farm..........they have heck of deals................

And those deals usually start showing up in February or March when it is too late to do income and expense adjustments before the end of the year to legally minimize your tax liability.

Actually, I have always found those deals in December/January as I file as soon as I get my W2.........by end of January normally. Last year, I filed on January 28 and IRS received it on 2/3. You can of course start your Turbotax online through their site in December when they are up and running w/the software.

I love doing turbotax online..........all my prior years are maintained there for easy access.........and the sweetest thing about using Turbotax online is you do NOT purchase/pay for it UNTIL you actually file.
So you have access to all of it and are able to begin your taxes before you actually PAY for it...........then when you e-file(which of course, is included) you then pay for it...........so of course, anything you are finding at the stores will be available online prior to January...........then, of course,,,,,,if you find a good discount/deal through financial site.........you simply access your Turbotax online through that site to get the discount. I have done this each year that I used Turbotax.
One year, I started w/Turbotax online.......then, went through Fidelity......(where all my info on Turbo was still saved).........then, found the deal w/State Farm(again all my info was still saved from what I had done through the fidelity link) and ended up there last to finalize my taxes and do my filing and purchase the online Turbotax software.
When you access Turbotax through those links.........it doesn't matter except when you are ready to file and the price pops up............so you technically can start doing your taxes off the regular Turbotax site and then when the deals show up........simply go to that site to access your Turbotax account to get the discount.

I just checked my turbotax site and this is what they said:

Arriving early December —
New TurboTax Online 2008
Thank you for your interest in TurboTax Online. We’re updating the program with new features that will make doing your taxes even easier.
TurboTax Online will be ready for you to start your 2008 taxes in early December, 2008. We look forward to seeing you then.



Edited 5 time(s). Last edit at 11/21/2008 06:49AM by bugspost.

I never pay to download any software when it comes to taxes. I get the official 1040 form from the local library, answer the questions, and send it in via regular mail. Never had a problem and saves you a lot of money. Just letting you know what works for me. As long as you can read directions, add, and subtract, doing taxes the old-fashioned way is very easy.

I can't imagine life without the tax software. It saves me money due to all the time it saves me in the tax prep process. I can figure things a bunch of different ways in half the time it took me to write out one form.

That is how I work it as well, Dee. I do my actual numbers and save it in TurboTax. Then I play with various 'what if' scenarios and save them with different names until I find a scenario that works best. I can then go and get things aligned with that before year end and as I execute the pieces, I will update my 'actual' return so I always have a current picture of where I stand overall.

I prefer to efile. It's safer and faster and the IRS has been pushing taxpayers to go paperless for years. If the IRS and State accept your return, and find no errors, if you're getting a refund, you'll get it direct deposited in your account in about two weeks after efiling. Likewise, if you owe an agency, your account can be direct debited on the date of your choosing. No worry about anything lost in the mail and no postage. In my area, the only problem with TurboTax, TaxCut, whatever, is the States. I live on the border of the Carolinas. Many here live in one state and work in the other which requires filing two States. No software that I know of (other than the professional versions at Liberty, H&R, etc.) can do multiple states accurately.

There are some free online options, depending on income and what's involved with your return. Free online efiling at IRS.Gov or your State's website. Also, most tax franchises now have sites for individuals to use, hoping of course that you'll get stuck and have to go into their local office for advice. And there's AARP who provides free preparation and efiling everywhere, usually working in libraries or town halls. They're staffed with volunteers and while low income is their target, they normally won't turn anyone away, unless the return is more complicated than they're trained to do.

WHat version of TurboTax is best to use. This was my first year MSing. I have regular income that I am filing for plus the IC income I have to figure out this year. I made about $1200 before expenses.

Also a question about mileage. I usually take jobs on my way home from work. Say my regular mileage from work to home is 25 miles. If I take 2 jobs and my mileage from work to shop 1 to shop 2 to home is 40 miles can I claim 15 miles for the 2 jobs? What is the best way to do it?

Thanks

Whatever mileage exceeds your normal mileage route to home would be deductable.

I use Home and Office version of Turbo tax. Here are the deals on the downloadable version online I found. Fidelity.com has it at a discount and you don't have to have any accounts w/them. State Farm had the best deal last year but you did have to have a policy w/them. As I find deals, I will post them. Remember, if you download the version.........you do NOT pay for the software UNTIL you actually e-file. If you buy the software in the stores, you of course, pay for it at the time of purchase.

right now, they have the home and office version for $56.20 [turbotax.intuit.com]
vs. Turbo tax site wanting $74.95 [www.turbotax.com]

State Farm also has it at that price [turbotax.intuit.com]
and are offering basic and premier FREE State Farm Online Banking Customers
See just how easy and rewarding your taxes can be with a FREE copy of TurboTax Basic or Deluxe! You must have at least one Bank product displaying on your My Account page to take advantage of this offer.


Home and business has these features:
Everything you need to easily do your personal and business taxes


Provides Extra Guidance for Finding Self-Employment Deductions to Help You Get a Bigger Refund
Easier Interview — Customizes questions based on your business profile (sole-proprietor, consultant, 1099 contractor, and single-member LLC) and gives you step-by-step guidance for entering income and expenses.
Helps Find Small-Business Tax Deductions — Shows you which expenses you can deduct for your vehicle, supplies, utilities, home office expenses, and more, to help you get every business deduction you deserve for the biggest possible refund.
Finds Deductions Specific to Your Business — Walks you through tax write-offs common to your type of business so you don’t miss any opportunities to save on your taxes.
Gets You the Biggest Vehicle Deduction — Shows you whether you’ll get a bigger deduction using actual expenses or the standard mileage rate, so you get the biggest tax savings. Provides extra help for splitting vehicle expenses between business and personal use.
Makes Entering Income Easier — Shows all business income types on a single page so you know you’ve covered all sources of business income.
Creates W-2 and 1099 Forms — Helps you prepare unlimited forms for employees and contractors. Does all calculations and prints on plain paper. No need to spend money on expensive special inks and forms.
Simplifies Asset Depreciation — Helps you determine the depreciation method that will get you the greater deduction. Then we guide you through calculating and reporting depreciation to help get you the biggest refund.
Streamlines Expense Entry — Walks you through all expense categories and provides additional tax deduction suggestions along the way to help you increase your refund.
Offers Extra Guidance for New Businesses — Shows the startup deductions new businesses can take.



Edited 3 time(s). Last edit at 12/19/2008 10:35PM by bugspost.

Thanks Bugs you answered alot of my unasked questions...as usual you rock!!!
p.s. I still refer back to my notes from you...forever grateful
dee
cedar city ut