Domain Name Com's Software TurboTax Business 2007

Software TurboTax Business 2007

Domain Name Com's - Software : TurboTax Business 2007

- TurboTax Business at a Discount
I purchase the Turbo Tax Business (not the home and business variety) each year for coporate and small business returns. Turbo Tax sales this for $99.95 online and in various stores. I was able to pick up a new version of this at Amazon for over 25% off. I buy 4 turbo tax products each year and will look at Amazon in the future for each of them.

Rating:

- Waste of Time and Money
Do not bother with this product. Why?

1) If you don't have a fairly current version of QuickBooks, then you can't import your data into TurboTax. I'm not about to spend the crazy $$ to upgrade my QuickBooks, which works just fine for me, just so that I can import data into TurboTax.

2) Without importing, you will spend an unacceptable amount of time entering data, espeically depreciable asset information. If you understand accounting enough to manage depreciable assets and enter it into the program, then you understand it enough to fill out your tax forms (1065, 1120S, etc) by hand.

3) At the end of the day, without the ability to import, the program is just walking you through the form and asking for the information. You can download the Acrobat web fill-in forms from the IRS website and do the same thing there. The few checks that TurboTax performs aren't worth the trouble to use it. Besides, if you're using any sort of accounting software, those checks are already built in. For instance, does your balance sheet balance? If you're using accounting software, you'll already know that.

4) They want even more money to download the state version? Are you kidding me?

5) Of course, this software doesn't include personal income tax prep, so you have to pay even more for that!

My advice... buy the Home & Business version, use that to prepare W-2/1099s if you need them for your business, and use it for your personal tax return. If you are adept at accounting, and you run a small business as a partnership, LLC, or S-corp, prepare the business return by hand. If you're not comfortable doing that, then you probably should be paying someone to handle your accounting/returns. Unlike the personal versions, TurboTax Business isn't going to walk you through what you need to know at the level you need to know it.

Rating:

- So why doesnt the State Return come on this one?
First I couldnt buy the Business and Home Version because it doesnt do taxes for LLCs with multiple owners. Now this version (Business) doesnt have the state included and now I have to download for another $45.00
They get you coming and going!
What a rip off!

Rating:

- Prior Depreciation calculation is wrong
In TurboTax Business 2007, the calculation of Prior Depreciation is wrong.

In Form 1065, after importing the information from TurboTax Business 2006, the sum of Prior Depreciation + Current Depreciation calculated in TurboTax Business 2006 is different from the Prior Depreciation calculated in TurboTax Business 2007.

Rating:

- too complicated
Based on what I had to work with-- my last years fillings (done by accountant) and my QB info--I couldn't figure out how to do the 1120. Things just didn't match up. I went back to an accountant. Decided we should stick with what we know... engineering.

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