Send Me Your Home Business Tax Questions!

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I’ve been digging around and researching H&R Block’s tax preparation products, and I have to admit I’m really, really chicken to do our own taxes.

So, I decided to reach out to them and find a win-win here. In the next week or so, I will be interviewing someone from H&R Block to discuss the tax laws that affect those of us who run a home based business, as well as their products that would work for people like us with not-so-simple tax preparation needs.

Between rental properties, my self-employment, and dipping into our 401K to fund the startup of this site [so wrong. so not recommended!], we have a lot of tax landmines to navigate for 2006.

But I have to admit that their Premium TaxCut Online tax prep product looks as though with a little bit of patience, I might - MIGHT - be able to handle it. It specifically says that it has “Extensive deduction help for the self-employed, including home office, rental property and depreciation assistance”, and it includes a consultation with a tax professional for only $39.95. Since at its highest point in 2002 I spent about $800 dollars on a CPA for our personal and my business taxes, $39 bucks sounds mighty tempting.

So, if you are like me, and a bit of a stubborn do-it-yourselfer, drop me a comment with your most pressing tax questions and I’ll be sure to ask them when I speak to H&R Block next week!

Fingers crossed, we’ll all get a bit of free advice and get a bigger refund this year.

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Comments

1. On March 10th, 2007 at 4:13 pm, Alex Shalman said:

Ok Wendy, I’ve got a question for you. I would like for you to ask: What is the most ridiculous/ludicrous thing that someone tried to write off as a business expense and how was it handled? Thanks!

2. On March 10th, 2007 at 5:23 pm, Frank Roche said:

Wendy, that’s an excellent idea. Also, have you read Tax Girl? She’s at http://taxgirl.com. Bet you two would hit it off…we all want good tax advice.

3. On March 10th, 2007 at 11:45 pm, Char said:

Wendy - we had an accountant do our taxes for a few years - my business, a rental property, a rolled over 401k, and such made us scared. He assured me that my record keeping was sound and I paid close attention to what he did. For the past 3 years I have been using Turbo Tax to do both my business (S-corp) and personal taxes. It is time consuming, but I am happy to do it ourselves. Today’s software really does a great job of walking you through all the details.

4. On March 22nd, 2007 at 10:58 am, Sandy Renshaw said:

Hi Wendy,

I’m just working on my taxes, too. It’s the first year I have hired a CPA to do them. Too many things happened last year and I need advice.

BTW, love your new site design. Lots of great info here. Can’t wait to meet you in Chicago.

Sandy

5. On August 12th, 2007 at 12:48 pm, Denise Likens said:

I am an independent agent for an online telecommunicating firm. I live with my son in return for watching my grandchildren. Here is my question: I nowwant to pay him for the room I use to work, but I want to check and see if it would be considered income for him. He rents this apartment himself. I feel I need this to offset my taxes. Any help would be appreicated.

Denise Likens