• Life Advice & Visual Arts Welcome Guest
    Posting Rules Bluelight Rules
    🌌 Share Your Dreams! 🌌
    📸 15 Years of Photo Contests 📸
  • LAVA Moderator: Shinji Ikari

Taxes - Rental Tax - Own Business

Pretty_Diamonds

Pretty_Diamonds

Bluelight Crew
Joined
Jul 13, 2007
Messages
3,382
Location
USA
Hi (I don't even know if this is the right forum, but you all seem fairly smart over here.. :D),

So, my mother wants me to take over doing her taxes for her business. She just has rentals, so would I just need to set up some sort of spreadsheet including the rent amount (time stayed), taxes paid, and then submit annual numbers for each separate unit?
& then submit it via TaxTurbo.. or how would that even work? Business turbotax? Does anyone have experience using business turbotax or experience in income from rental units?

I'm no certified accountant that's for sure!!

I don't even know if it's possible for me to learn how to do this but if I can, that'll be amazing for our business. Especially since our accountants DIDN'T file our taxes for last year!! Eekk.. and hasn't responded to my e-mails except to say that it's the individuals responsibility to file their own taxes, not them...

Anyone know of any good programs to help with this? Or am I better off trying to find an accountant to teach me the ropes? o.O?
 
the laws should be available online from .gov or whatever the local gov't sites are under, since tax laws are very specific it's best to just go straight to the source or change to an accountant who has heard of e-filing. Unless there is a registered business managing the rental properties, the income from that will probably just need to be added to personal income total but devil is in the details and tax laws are very specific
 
Small Business Account for Turbo Tax has Rental deductions included. I seem to remember them asking me about rental properties. You can Google it too to make sure you buy the right one. That's what I use and I can deduct everything.
 
Moved to Second Opinion as the topic is not really science- or technology-related, and perhaps will accumulate more responses in SO.
 
Thanks everyone!!

Lysis said:
Small Business Account for Turbo Tax has Rental deductions included. I seem to remember them asking me about rental properties. You can Google it too to make sure you buy the right one. That's what I use and I can deduct everything.
Click to expand...
Hmm... ok. I may try this one. I just would have to do the spreadsheet on my own to see how much rent we're collecting, etc. HRMM..
 
You must log in or register to reply here.
Top