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Daycare and Taxes>Anyone use TaxAct?
marniewon 07:12 AM 01-26-2011
I've used TaxAct for around 5 years now, but this is the first time I've had my own business, so I never even looked around to see how business-friendly this software is. Anyone use it? If not, what do you use and do you like it?
TomCopeland 09:34 AM 01-26-2011
I've written a blog post about using tax preparation software such as Tax Act and Turbo Tax:

In general, I caution providers against using such software unless you already know what you are doing. For example, you need to know that when entering your expenses for supplies (and all other expense categories) you need to first calculate your t/s% and multiply it by your shared supplies and add to this total any supplies you purchased that were used 100% for business.
MissAnn 03:49 AM 01-27-2011
I read your blog and it was helpful. I've used TurboTax for years. As far as the T/S% problem.....wouldn't it be accurate if you used Minute Menu Kids and entered in the amounts that were already figured? I have your 2010 Tax Companion and Workbook and Organizer. I will do my taxes both ways and compare. Thanks for being such an informative resource!
TomCopeland 01:05 PM 01-27-2011
Yes - calculating your t/s% on your own and then plugging in the numbers when using tax software is a good idea. Actually, recording your expenses on your own and then comparing all the numbers from the tax software are a good idea as well.
Lisa Templin 08:02 AM 01-31-2011
I have used Tax Act since 2005. I know to figure out the TS % and everything else. I think Tax Act is easy to do my taxes but if you don't know what you're doing I would hire someone to do them!
Tags:tax software, taxact, tom copeland
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