VTMom 10:20 AM 02-26-2012
Hey!
I hope someone has an answer! Do I need to calculate my business expenses using the T/S % before I enter them into turbotax or does that calculate it for me? I know that turbotax calculates the home office expense piece, but I wasn't sure if it carries through the common business expense section.
Thanks!
kentster 10:44 PM 02-26-2012
yes. Enter expenses AFTER applying t/s. TT will not apply it
VTMom 09:51 AM 02-27-2012
Thank you!
TomCopeland 05:46 PM 02-27-2012
Originally Posted by VTMom:
Hey!
I hope someone has an answer! Do I need to calculate my business expenses using the T/S % before I enter them into turbotax or does that calculate it for me? I know that turbotax calculates the home office expense piece, but I wasn't sure if it carries through the common business expense section.
Thanks!
Turbo Tax and Tax Cut do not explain whether to enter the total cost of an item or only the time-space % amount. This is a big reason why providers should be cautious when using such software. When entering your house expenses (property tax, mortgage interest, utilities, etc.) you should be entering the total amount of the expense. But when entering all other business expenses (toys, supplies, etc) you should enter the time-space % amount for items that are used for business and personal purposes.