Our accountant decided he didn't want to do our return unless we paid two to three times as much.

Anybody have suggestions for tax publications that detail deductions for small business owners?

Our IRS contact mentioned the IRS.GOV, but I'd like something a bit shorter that doesn't involve wading through a lot of material that probably doesn't apply.

Don't they usually have that kind of stuff at all post offices this time of year, or is it a little too early in the month yet?

Yes, you can even get it off the internet. But I was looking for a listing for small businesses, maybe a listing of all the schedules that may apply to us. When we were in the writing business, I found a list in a magazine of all the deductions publications that may apply to us. I'd also like to get some sort of publication such that may explain the new tax deductions. Such as the charatible donations deductions for 2005 can exceed 50% of your income. That sort of thing.

Actually, from the standpoint of travel and entertainment, this business is the lowest expenses I've ever been in.!

This is the only thing that I could find.

http://www.irs.gov/businesses/small/

I hope it helps you.

Hi mgbland79705,

Why don't you use a tax software program such as Tax Cut for Complete Home and Business or Turbo Tax Business. These programs cost about $100.

I use Tax Cut Basic($20) and have no problems with it.

Take Care,
Danny

I agree with Danny, Martha....an investment in a software tax program should solve your problems and make filing your taxes very easy. The program will initially ask you a few questions and then give you tips as to how to save on taxes and will fill out the appropriate forms for you as well as the math calculations ensuring you don't have any kind of math error in your return...believe me, a small math error can initiate an audit. In addition, most of these programs also keep your worksheets so you know how you derived at your figures.

These programs are great not only to simplify the filing process but also give you all the IRS tax forms suitable for printing and using rather than having to go to the post office, etc. They are also a easy, convenient way of keeping all your tax info filed in a small compact place and recalling any info in the event of an audit. Most of these programs are available in federal and state format.

Good luck!!

Shirley

Thanks Shirley for explaining in detail how the programs work.

Also if you use these programs every year, some of these schedules will carry over to the following years automatically (For example, any carry forward short or long term capital losses).

This reminds me!! I need to buy 2005 Tax Cut to file my taxes this year.

yvw Danny....and I meant to say that I LOVE your siggy (scripture quote...it's one of my favorites!)

Shirley

Thanks I bought turbotax premier a week or so ago, and will use that this year. If I run into problems, I may move over to tax cut. I haven't done a return in over 15 years, and the whole prospect is pretty daunting. We used the accountant to determine what to deduct, but it seemed that I did all the research anyway. BUT, he could tell me what deduction was a red flag.

Edited to add:

It would be nice to know what new deductions are coming out, so I can put a new category in my quicken. Even though I had all the receipts for 2004, it took me forever to go through them and total all the sales tax. But in 2005, I entered them all year long.

Not to worry Martha....those software programs make it very easy and have help screens at every space that needs to be filled in...they have indepth info straight from the IRS booklet if you have any questions....when using these programs, I could usually fill out most any tax form within 30 minutes or less!

As you said, you have to gather most of the info anyway so it should actually be much easier on you once you get over the "anxiety" hurdle...lol

Good luck....I'm sure you'll be fine! Just watch when filling in your SS #'s...I got audited one year simply because I transposed a number!

Shirley