I have detailed accounting records for my business. It seems crazy that I would have to enter a line item in Turbo tax for each expense. It is possible to just enter one amount for "Travel" for instance, or do I need to fill out a line item for each and every expense?
No, you do not need to enter individual items meticulously like this. All you need to do is classify your business expenses within reasonable categories and enter them into TurboTax as appropriate. TurboTax makes it easy for you by already providing a list of the most common business expenses.
As you can see from screenshot 3 below, Business Travel is already a category!
1. In TurboTax Home & Business, go to Business<Business Income & Expenses<"I'll Choose What I work On", Business Income &Expenses< 'Start' or 'Update' across from Profit or Loss From Business . <---see screenshot 1.
2. Next ,you will arrive at the Income and Expenses summary for your business <---- see screenshot 2. From this page, you will click on "Common Business Expenses" as shown in the screenshot.
3. Now you will arrive at the Business Expenses Summary page, titled, "Let's Write Off Some Business Expenses". This is the page where you will be able to navigate to the proper areas to enter ALL your business expenses. <---screenshot 3
No, you do not need to enter individual items meticulously like this. All you need to do is classify your business expenses within reasonable categories and enter them into TurboTax as appropriate. TurboTax makes it easy for you by already providing a list of the most common business expenses.
As you can see from screenshot 3 below, Business Travel is already a category!
1. In TurboTax Home & Business, go to Business<Business Income & Expenses<"I'll Choose What I work On", Business Income &Expenses< 'Start' or 'Update' across from Profit or Loss From Business . <---see screenshot 1.
2. Next ,you will arrive at the Income and Expenses summary for your business <---- see screenshot 2. From this page, you will click on "Common Business Expenses" as shown in the screenshot.
3. Now you will arrive at the Business Expenses Summary page, titled, "Let's Write Off Some Business Expenses". This is the page where you will be able to navigate to the proper areas to enter ALL your business expenses. <---screenshot 3