Sole proprietorship in California - Can I do my own taxes using turbo tax? or do I need to hire an accountant to do my business taxes?

[Artsy Bunny]

Sole proprietorship in California - Can I do my own quarterly taxes using turbo tax? or do I need to hire an accountant to do my business taxes?

Can you provide with a guide of what information do I need to be prepared with if i can do my own quarterly business taxes?

THANKS!!!!

[icalvo]

Hi Artsy Bunny,

As a sole proprietorship business in CA, yes you can do your own taxes using Turbo Tax online or the desktop version.  You will be adding a form Schedule C,  to your personal return form 1040.   At Turbo Tax, we have Full Service Tax experts that can file your return for you.  

To file your yearly tax return for your Sole Proprietorship, you need your total income and expenses attributable to your business.  You do not need to file quarterly business taxes, but you may need to make quarterly estimated tax payments.  

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...

Here is a link to Schedule C Sole Proprietorship and Estimated tax and withholding. 

https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

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[Artsy Bunny]

I will try my best to provide all correct information for my quarterly taxes whenever I do them myself-  but, what happens if I make a mistake?

For example:

When I do my personal taxes, I do pay extra for the protection/insurance  package plan that turbotax offers in the case I make a mistake - would I be able to also pay a little extra using turbotax to cover myself with a similar insurance?.

I just want to make sure that I will be protected by turbotax, if I pay extra for the insurance/protection program; so that turbo tax can represent me when there are audits or if I make a mistake.

THANKS!!!

[icalvo · Accepted solution]

Great question.  Yes, you can add Max to your tax return at filing with Turbo Tax Online. 

Here is link so you can learn more about what Max has to offer. 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/max/L0Bc4Ve2l_US_e...

Additionally, you can prepare your return yourself and have one of our Live Tax Experts review your return for you or ask questions anytime with our Live Assist feature either chat or phone. 

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