Which is the best tax program if you ran a failed home business this year?
September 28, 2009 by workathomebizreviews
Filed under Home Business FAQ
violamom74 asked:
I have to declare a loss for the home business, but have all my receipts and stuff for the business. Which is the most comprehensive program that will help me the most? THanks in advance!
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I have to declare a loss for the home business, but have all my receipts and stuff for the business. Which is the most comprehensive program that will help me the most? THanks in advance!
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home business
The best program is the one that will lead you to a CPA and have your return prepared by a professional. You wouldn’t operate on yourself. You shouldn’t represent yourself in a court case. Why would you try to prepare your own tax return and miss out on a net operating loss carryback? Why would you expose yourself to IRS audit risk with the mistakes most self preparers make in this situation? The website wininbiz has a free service to find a local CPA that offers a free consult.
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A loss for a home business isn’t unusual. Any program that does tax preparation can handle this.
If your overall income is negative, be sure to carry that over to the next year’s tax return.
If you want to do a loss carryback, I would not try this at home. Go to a paid preparer who knows what they are doing.