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Video instructions and help with filling out and completing Turbotax business

Instructions and Help about Turbotax business

Whether you run your own business freelance have a side job or multiple sources of income TurboTax self-employed has your unique situation cover we've made improvements to better handle your personal and business taxes including personal guidance and step-by-step instructions to help you get every deduction you deserve let's get started once you've signed in we'll get to know a little bit about you then we'll ask about your tax situation this is where you'll want to tell us if you're self-employed once you've reached the income section we'll dive into the business interview where we'll walk you through your self-employment taxes well first ask some basic info about your work like your business name address and your HST number if applicable followed by your income inventory sold or any capital property you'd like to write off lastly we'll go over a comprehensive list of expenses you may be able to claim such as vehicle and office expenses advertising meals travel and much more make sure your receipts are organized and ready with QuickBooks self-employed you can easily keep track of expenses so you're ready at tax time if you have any product related questions get in touch with the TurboTax specialists or smart look are one way video technology that connects you with live on-demand support when you need it well Harold since you're self-employed this is where you enter your income any other questions TurboTax self-employed helps ensure that you'll file confidently and with 100% accuracy guaranteed Music.


I am the founder of a startup that is a Delaware C-Corp. I am still bootstrapping, have one co-founder and have had up until now only expenses. Do I have to fill some tax-related or general government related forms as I approach the end of the year?
Yes, in Delaware you need to pay Franchise Taxes annually. The size of this tax depends on your capital structure and assets. The Delaware Secretary of State explains how to calculate Franchise Taxes here: http://corp.delaware.gov/frtaxca... and pran Excel-based calculator here: http://corp.delaware.gov/taxcalc.... Best case is that you only need to pay the minimum of $75 in Franchise Taxes and $50 in filing fees, i.e. total of $125,  but this depends on your inputs to the calculator. Give the calculator a spin and see what it spits out.  You'll also need to file the standard federal tax returns with the IRS, regardless of whether you are making a profit or not. For this you can use an online service provider like TurboTax or find a small, affordable tax account to do the paperwork.  On a separate note: unless you are located in Delaware, you should be registered as a foreign entity in the state where you run your business from. This state will also have annual taxes and tax filings, the size of which varies by state. For example, in California Franchise Tax will run you a minimum of $800 per year regardless of whether you're making a profit or not (ouch!).
Professional athletes earn a salary. They have to pay state and local tax. How are tax returns for professional rodeo athletes treated, since they are paying for entry fees and the earnings are winnings?
Jordon has hit the major points.As a college soccer referee, I am an independent contractor, but can easily referee games in multiple states (NY and New England).  A college only has to issue me a 1099-MISC if they pay me more than $600 in a given year.   However, I am obligated to track all earnings and report them in my federal and home state tax returns.I fill out a Schedule C as part of my income tax.I report all earnings (including cash payments) and separately as part of the form, I report all expenses:travel related, dues (like entry fees in your example of a rodeo person), supplies, physical training requirements, etc. etc. etc.  Now it gets tricky if I do get a bunch of 1099-MISC forms from colleges in states that are not my home state.   If the college deducted state income tax from my payment, then I report that as tax-paid in my state, and it reduces the tax I pay to my state.   If they don't, then I am probably under the minimum for tax payments to that state, and I will report all the income to my home state.   If the earnings are very large in another state, I may have to file a separate state tax form as a non-resident for that state.   Each tax form will use the Federal Schedule C as a starting point (I use TurboTax-Business) and it is easy.    Of course, the cost of the TurboTax-Business can be a deduction on my next year's Schedule  C.   It is always advisable for someone like a professional rodeo person to have a tax accountant assist her/him each year.  A college D-1 basketball referee will have the same issue.  They can easily be paid over $2,000 per game and that would trigger 1099-MISC status at every college at which they officiate.  Federal Schedule C and then a tax form for each state, and use a tax accountant for assistance (which is tax deductible).....
How can I add my business location on instagram"s suggested locations?
Making a custom location on Instagram is actually quite easy and gives you an advantage to other businesses because it allows you to drive traffic via location.First off, Facebook owns Instagram, therefore, any location listed on Facebook also appears on Instagram. So you are going to need to create a business location on Facebook.So let’s dive into how to create a business location on Instagram.Make sure that you have enabled location services through the Facebook App or in your phone settings. If you are using an iPhone, select “Settings” → “Account Settings” → “Location” → “While Using The App”You need to create a Facebook check-in status. You do this by making a status and type the name of what you want your location to be called. For example “Growth Hustlers HQ”. Scroll to the bottom of the options and select “Add Custom Location” then tap on it!Now that you’ve created a custom location you need to describe it. It will ask you to choose which category describes your location, which you will answer “Business”.After choosing a category Facebook will ask you to choose a location. You can either choose “I’m currently here” or you can search for a location that you want to create for your business.Finally, publish your status. Congratulations! You have just created a custom location to be used on Facebook and Instagram.Now you are able to tag your business or a custom location on Instagram.If you have any questions about Social Media Marketing for businesses feel free to check out GrowthHustlers.com where you can find tons of resources about growing your Instagram following.
How much should Box 2 on a 1098-T from Santa Fe University of Art show?  What do I fill in on TurboTax related to box 2?
Not necessarily.Not all higher education expenses qualify for US tax benefits. Generally, the only expenses that qualify are tuition and required fees. Room and board is not a qualifying expense, and except for the American Opportunity Credit, neither are expenses for required books or supplies that are not paid directly to the institution.If all of the required expenses were paid by a scholarship - and not by you directly - then you will not have any tax benefit. You should have received a detailed breakdown from the school of the expenses and how they were paid - if you did not you should request one. If you purchased required books, equipment, and/or supplies from a source other than the university and your student qualifies for the American Opportunity Credit, you can claim those expenses for that credit.
What forms should I fill out to start a business?
From a legal business entity standpoint, one does not normally have to file any forms with the state the business is located in to be considered a sole proprietor (SP). However, this highly unadvisable since a SP provides no liability protection.The most popular, and most advisable business entities are a Limited Liability Company (LLC) and a Corporation. These entities are state created entities meaning that you must file the necessary paperwork in the state where you will have the business headquarters. The state’s secretary of state’s office will have all the necessary documents, forms, and rules needed to create the entity of your choice. You will also have to pay a filing fee.It is important that you further discuss the issue with experienced counsel as they will be able to help you decide which entity is best for you, and help you with the filing.
What would be the ideal taxation system?
The Wealth of Nations is on my reading list. However, I keep putting it off because of the length (750 pages) and the eighteenth century writing style which I assume it uses (and which I deplore). However, since User-9987941778688719640 was kind enough to use a very useful quote from that book in his answer, I'm just going to steal it.Good taxes meet four major criteria. They are :Proportionate to incomes or abilities to payCertain rather than arbitraryPayable at times and in ways convenient to the taxpayers andCheap to administer and collectSo let's look at the current tax system in the United States in reference to these points. (1) Good taxes should be proportionate to incomes or abilities to pay. The quintiles in America, from lowest to highest, pay taxes as illustrated in the following image:As the above graphic shows, the lowest quintile paid the lowest percentage of taxes (1.5%) while the highest quintile of earners paid the highest percentage (24%). The average American household paid 18.1%. So we've met criteria #1.(2) A good tax is certain rather than arbitrary. In this case, it depends on what level of certainty you're looking for. We are certain of the actual tax rates since they are well known and don't get changed often. However, we're almost never certain exactly how much we'll actually pay until we fill out our tax returns. If we were actually certain, nobody would ever get a refund or have to pay more at tax time. The exact amount would have already been deducted from your paycheck and nobody would ever have to pay fines because they didn't pay enough during the year. Considering the consequences involved with this uncertainty, we certainly can't say criteria#2 has completely been met.(3) A good tax is payable at times and in ways convenient to the taxpayer. You can definitely say one good thing about payroll tax deduction. It's terribly convenient. So much so that when you ask people how much they paid in taxes, a common response is “Oh, I didn't pay. I got a refund.” Um, yeah, but how much did you actually end up paying? *Blank stare*Now we all know when April 15 is. That's convenient. And they give you a long time between the time your employer must have your tax documents to you (February 1) and tax day. That's convenient too. I hate to say it but I think the government nailed it on criteria #3. But if I missed something, please let me know.(4) A good tax is cheap to administer and collect. And we did so well on our last one. This one is a total failure. The costs to all parties are huge. Government costs, business costs, and personal costs. Lots of people are very uncomfortable doing their own taxes so they pay organizations like H&R Block to do it for them. Still more people give it a try but use products like TurboTax to help ensure they make no mistakes. And this is personal taxes, the theoretically easy stuff.Business taxes are insanely complex. This requires businesses to hire tax accountants and tax lawyers so they avoid the major pitfalls. Even so, they still often run afoul of various rules they either didn't take into account or interpreted differently from the government official who is now auditing them.In criteria #4, our government has completely failed us. As you can see from the above image, this didn't used to be true but now it gets worse ever single year.So the American income tax system is not a good system. What are some good systems? Let's look at a few.A flat income tax could improve things. Let's say our flat income tax works as follows:Your family is not taxed for everything earned below the poverty level. The flat rate only applies to everything earned above the poverty level. Proportional. Check.Your employer doesn't start taking taxes out of your check until you reach the point where you actually owe taxes. At that point, the exact amount you owe is taken out of your check. Optionally, you can have your employer pull money out of your paycheck throughout the year to help even things out. However, nothing is sent to the government until you actually owe it. Certainty. Check.This is payed through payroll deduction, just like our old system. Convenient. Check.The tax form for the year is tiny, just a few blocks, more of a confirmation than an actual report of what you've earned. In fact, if you have only one employer, the form they send you at tax time could simply be signed and forwarded to the IRS. Nothing to fill out at all. No more to pay. No refunds. And no pain. Cost effective. Check.Not bad. The problem is will it stay that way. After all, the tax code chart shows that there were extremely few rules for almost three decades then our government went nuts. What's to stop them from doing the same thing again here?Since consumption taxes all work very similarly, I'll discuss the following three tax systems at the same time: sales tax, the FAIRtax, and a VAT tax. I'll make distinctions when needed.Sales taxes and VAT taxes are not proportional. The FAIRtax is essentially a sales tax where all taxes charged for everything below the poverty level is refunded. Regular sales taxes and VAT taxes could use a similar system. Proportionality is either included or obtainable. Check.The tax is standardized. There is no confusion concerning how much is paid and when it gets paid. Certainty. Check.Tax collection is performed by businesses at the final point of sale. For the VAT, tax collection occurs at each point in the production chain and at the final point of sale. Convenient. Check.For sales tax and the FAIRtax, businesses make a computation once at the point of sale. Then they fill out forms similar to the ones they're already used to filling out for sales taxes and submit these taxes on a regular basis (generally monthly). For the VAT tax, each point in the production chain must compute the tax for each piece produced minus the VAT already paid for that piece. These taxes would be submitted on a regular basis (generally quarterly). Sales tax and the FAIRtax are extremely cost effective. The VAT tax has many more steps than the other two but much less than our current system making it cost effective as well, just not as much as the other two. Check.So the four systems I've mentioned all comply with Adam Smith's requirements for a good tax much better than our current income tax system. Whether or not they're ideal is fairly subjective but I'd take any of them over what we have now. The problem isn't how good other tax systems are, the problem is all of these systems take away our political leaders' ability to use the tax code to manipulate us. And that's something they just don't want to give up.
What company will replace Tesla in the future?
Depends on what your view of overtake is. Will some present auto giant be selling more EVs than Tesla? Virtually a certainty. The old adage, “1st impressions are lasting” fits Tesla to a tee. Tesla came 1st and fast out of the gate but was,is and will likely remain for some time, a rich man’s car. Almost every car company is better suited and better positioned to produce smaller, cheaper electric cars for average working people. Average people do not need 75 or 80% of the gizmos on Teslas. They need a cheap vehicle that will transport them 5 to 8 hundred miles a month to work and shopping for their necessities. Most people talking about “range” seem to ignor the fact that tens of millions of average people every day pop into the gas bars and grab $10 to $20 of gas because it is all they can afford and they need it to carry them back and forth to work for a week. What the truck stops and travel centres along the Interstates are doing is of little interest to them. And neither is hearing about Teslas• options and supercharger network. A quick view on charging tells me that Teslas• vaunted charging network is a quickly fading “myth”. The line from the old movie “if you build it they will come” was never more true than as it fits charging stations. You can put 10 or 12 charging posts at the end of 10 or 12 existing parking spots at any McDs or coffee shop or any other place that present day cars park. This will be a hell of a lot easier than getting approval for and building gas stations with their disaster in the making underground tanks and pumps. When the public charging posts become (and they will) more numerous than gas pumps, the average people I mentioned above will be popping in to grab a coffee and $5 or $10 of quick charge to last the next 150 miles. Ballyhooing about driving $65,00 and up cars around the country and pulling into “for us only” Tesla chargers is pretty much an ego trip for many Tesla drivers. Will you pull into McDonalds and plug in beside a Tesla with your $20,000 V W or Kia? Sure, but you park beside Audi’s, BMWs and Cadillacs now. The point is, there is really nothing to overtake! As I have said before, when the big auto, big oil and governments decide it is time for us “unwashed masses” to have electric cars as the main form of transport, every other car maker will be “CHARGING” to the trough to grab their share of the riches. Tesla hasn’t yet been able to produce enough of it’s high end cars to make a profit on each one and Elon cannot get his vaunted $30,000 car to market and the inside word is that not many will be made at that price but will run to 45 or 50 grand with options they will force on you. Has Elon done a great job of “forcing” the others to get off their butts and start fighting big oil and corrupt politicians who have been manipulated by them? Oh yes, very definitely but he will not be the Henry Ford that makes a Volkswagen (which as you know literally translates as “ a wagon for the people”). Overtake Tesla? Nothing to overtake! 15 or 20 car manufacturers can build a car and throw in a host of computer controlled gadgets as they already do but how soon will they decide to start building a “wagon for the people”??
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