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1099 + W2 question

Discussion in 'Finance and Investment' started by tyrionlannister00, Jan 10, 2018.

  1. tyrionlannister00

    tyrionlannister00

    36
    27
    Jul 10, 2016
    West Coast
    Hi all, quick question... I usually do my taxes via turbo tax cause it's cheap and easy, this year I have 1099 income from contract work, about ~ 20% of our total income between wife and I.

    My question, is turbo tax premier or business (whatever it is), easy to use? I don't want to spend big bucks on an accountant as that kinda defeats the purpose of my having set up the S-corp in the first place, and they all seem to charge a lot for things I find really stupid easy.

    I'm fairly competent at finances/taxes, just hadn't used turbo tax for business before...

    Thanks in advance

    Tyrion
     
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  3. LookForZebras

    LookForZebras

    23
    19
    Oct 8, 2016
    Yes, adding 1099 income is fairly straightforward and TurboTax does a good job of guiding you through it. If you're used to doing your own taxes, this will likely be a simple addition for you.

    This wasn't your actual question, but I wanted to point out that having 1099 income from contract work is very different than having a business that's taxed as an S-corp. If you have the latter, I would actually suggest having a tax professional assist.
     
  4. ThoracicGuy

    ThoracicGuy Physician 2+ Year Member

    7,139
    15,017
    Jun 11, 2013
    An S-Corp is not likely to give you much benefit compared to a sole proprietorship. With the new tax law for 2018, though, this could change. I sure hope you set up a solo 401k to be able to put part of your 1099 earnings in.
     
  5. Mman

    Mman Senior Member 10+ Year Member

    3,767
    1,330
    Mar 22, 2005
    Not that I care one way or the other what you do, but for the sake of discussion I find it hard to believe it'd cost you more than a few hundred $$$ to have a CPA do your taxes for you and offer advice throughout the year as needed. I find it dirt cheap myself.
     

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