T/S on Schedule C items - Taxact

[EAP]

Just making sure Taxact (switched and like much better than TT) isn't going to re-apply my T/S % to the totals I have already entered on the schedule C. I don't think so and by Tom's example in his book it looks like I am responsible for doing that with the software in the schedule C section, but that in the 8829 section the program will apply my T/S to the indirect expense totals.

[frugalmama4]

That's how TT does it...so that maybe so for Taxact.

TT actually tells you that it will apply the t/s to the home office expenses (mortgage interest,taxes, mortgage ins, utilities etc). But in the section where you have to input your business expenses (supplies, office-supplies, second phone line etc) you need to know which amounts to input...follow the example in Tom book...add you T/S totals to your 100% totals and that's the amount you put in.

Sorry...I don't have experience with TaxAct

Does TA allow you to see the forms as you go???


Hope that helped

[TomCopeland]

Originally Posted by EAP

Just making sure Taxact (switched and like much better than TT) isn't going to re-apply my T/S % to the totals I have already entered on the schedule C. I don't think so and by Tom's example in his book it looks like I am responsible for doing that with the software in the schedule C section, but that in the 8829 section the program will apply my T/S to the indirect expense totals.

This is one of the key problems with all tax software. The software will apply your time-space % to your house expenses (Form 8829) but it won't for all other shared expenses. So, you will need to know what your time-space % is and apply it before entering them into the software.