TurboTax for I.C. CFI's

[OrphicSeth]

Anyone use TurboTax as an independent contractor? Would you recommend it, or advise another route for taxes? I'm completely inexperienced in filing as an IC, first time this year, and I'm looking for the easiest way without dropping a couple hundred on an accountant.

Thanks

 

[midlifeflyer]

I've been using TurboTax for years, including for my flight training "business" (it's small) Schedule C. I've been very happy with it.

 

[JimNtexas]

If you take the time to read up on the rules for schedule C contractors then Turbotax will be fine. Its a great product. It's pretty straight forward for the most part.

If you mess it up you'll get a letter from the IRS.

If you live anywhere near KAUS, then my tax preperation office will fix your return for you.

 

[Resume Writer]

I have also been using Turbo Tax for years. It will walk you right through it and has a great help section.

My dad was paying his accountant for years and he has very complex tax issues, a corporation, investments, etc. Last year he decided to use Turbo Tax in addition to his accountant. He came within about a $50 difference, so this year he is not going to pay an accountant.

As someone else mentioned, if you screw it up, an accountant can fix it for you.

But just make sure that if you use an accountant, the person is above board and is not letting you take deductions that you are not entitled to take. (not talking about JimNTexas here)

We had a guy years ago that was doing taxes for all the airline employees. They were getting HUGE refunds every year. He was taking off pantyhose for pilots (at a major airline where freezing cockpits are not an issue), he was taking child care credits for people with no children; you name it, he had them deduct it.

He always told the people that if they ever got audited, he would be right there with them. Well....the IRS decided to do a 100% audit on his clients. As soon as that happened, he quit his pilot job at a major airline here in the states and got a position with a foreign carrier. He never came back to help any of his clients and they all had to pay HUGE penalties.

Kathy