Well my wife and I file are taxes jointly, I have my own job and we both started a small in home childrens daycare which she runs. The daycare started in jan 2007 and closed 4 months after due to pregnancy we made about 6,000$ during those 4 months. Well my question is turbo tax that effective in regards to a bigger refund? I really havent saved that much receipts. Also the other question is what turbo tax do i use; i think there are like 4 versions. thanks!
Since you did not save any receipts it can be risky trying to claim things incase you are audited. The chance of you being audited is small though. I would go with the home business version of turbotax though because you made 6000 in 4 months so next year it will be even more so it would make a nice investment. Turbotax also has a max refund garauntee so they are all safe bets but the home business edition is your best bet
Burney… Given the above facts, I’d suggest TurboTax Home & Business. This product will provide additional guidance and help in the area of your home-based business and your own business.
This is a great solution if you are somewhat familiar with taxes and feel comfortable doing your own taxes. If you aren’t comfortable, you might consider going to an accountant/CPA. Although TurboTax can easily do these types of returns, you may be better off in year 1 to have the return professionally prepared since your return is somewhat complex. Thereafter, you’ll find using TurboTax will be much easier since you’ll see sort of a roadmap to guide you.
TurboTax is a great product, but it may not be the ideal solution for everyone. Use your judgment.
I hope this information helps.
Bob Meighan
VP, TurboTax