![]() ![]() In other words, the software will ask you to enter your expenses for Supplies but won’t tell you what you might include as supplies. Turbo Tax will not tell you what you are entitled to deduct as a business expense, other than identifying the categories of expenses as they appear on the tax forms. Note: The IRS has a program where you can use the Turbo Tax software, as well as other tax preparation software, for free if you are income eligible. The three major tax preparation software programs on the market are TurboTax, H&R Block and TaxAct Software. I reviewed the Turbo Tax Basic version for this article. ![]() ![]() In addition, Turbo Tax will not help providers identify what business expenses they can deduct. The section on depreciation is confusing and often inaccurate. Turbo Tax allows providers to deduct home improvements in one year, rather than depreciating them over 39 years. Recording larger expenses such as a fence, a patio and home improvements They make it very difficult for providers to calculate an accurate Time-Space%. Turbo Tax does not ask for the number of hours providers work in their home when children are not present. Providers must apply their Time-Space% before entering them into Turbo Tax. Should family child care providers use Turbo Tax?Īlthough Turbo Tax can be helpful, there are several sections that are extremely difficult to use for providers.Įntering expenses used for both business and personal purposesĪny household expense you enter into Turbo Tax will be treated as a 100% business expense. ![]()
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