Hello. My wife and I both have side businesses in addition to our regular full-time jobs, and have used TT Home and Business to prepare our taxes for several years now.
This year, as you can see in the screen shot, TT gave me a number for "Business Taxes" that it had never given me before (previous years were $0).
That is my first question: I don't understand what that number is or where that number came from? And how does it effect my overall Federal tax bill?
The second question is that my wife would like to contribute to a SEP IRA to reduce her pre-tax business income. My understanding is that her contribution is limited to 25% of her gross business income, which was $20,600. However, Turbotax is suggesting $7811 as the maximum, which seems far too high. I have gone through the numbers several times and that is what it goes, so I am not sure what that is all about, either?
I would use Turbotax Live, but because we live in separate states, we have to use the PC based product, so that we can file our separate state returns. So, any advice you can give me, or any way I can access the live advice while using the downloaded product would be much appreciated.
