TurboTax not ideal for Owner Ops?

Thats odd and annoying, worked fine last year when i expensed it under fuel for the vehicle. Will have to poke it and see this year before sending it in

Worst case, print last year out, look at forms, and manually fill things out, year to year almost everything is the same, with tweaks here and there as lawmakers are bribed to concede points in favor of their donors and regulations on taxes become more and less transparent

 

I am sorry, don't mean to be an ***** but what the hell is trucker taxes?

You need someone who knows how to work depreciation and what business expenses are allowable. You need someone who you can discuss your taxes with you at more than just asking general questions.

Get off your butt and call your bother-in-law and talk to him, if your wife gets pissed, then so what, she needs to stay out of it - this is business. But don't go to some idiot flunky who just puts numbers in software and spits out a return.

 

Fuel is an expense, not a tax credit. If you increase your expenses by $1,000, it decreases your income by $1,000. Decreasing your income by $1,000 reduces your tax liability by $1,000 x (your tax rate). 20% is a likely tax rate, so TT is doing the calculations right.

For a business person to not understand this means you need to take a basic book keeping and tax course, as well as hire an accountant.

 

This^^^ also the free version of turbo tax probably isn’t good enough.

 

You can file an extension. The extension is an extension of time to file not to pay. If you don't usually owe and don't think you will this year then file one. Either before or after you find a good accountant. If you file an extension and end up owing w/o paying by April 15 then you will pay penalty and interest.