DawnC
Employee Tax Expert

Business & farm

If you want to have access to tax experts that can review your return, you can start a self-employed tax return in TurboTax Online (you don't pay until you file) and enter your tax data into the online software.   You can still file using the desktop software later if you prefer.    

 

If you have self-employment income, you can contribute a certain amount of the profits from your business to special retirement accounts for you and your employees.  You can contribute to a Simplified Employee Pension (SEP) IRA as much as the lesser of 25% of your net earnings or up to $57,000 for 2020.      You might want to delete the Keogh, SEP, and SIMPLE Contribution Worksheet from TurboTax and revisit the self-employed retirement section.   

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