topic Re: Getting started for next year in Get your taxes done using TurboTax

Getting started for next year

sherrilonglake — Tue, 24 Mar 2020 20:12:31 GMT

I have a small restaurant business and I have always had an accountant do my taxes but I am tried of paying so much. My 2019 taxes were just finished and the bill about knocked me out. Is there a way I can load the data from my 2019 taxes into turbo tax now so I can file 2020 on my own. I use quickbooks online (which my accountant said caused them more work) and would like to sync them up somehow.

Any guidance is appreciated.

Re: Getting started for next year

VolvoGirl — Tue, 24 Mar 2020 20:17:53 GMT

Sorry no. You should be paying quarterly estimated taxes so you don't owe so much on your tax return.

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

90% of the tax to be shown on your current year’s tax return, or

100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

Turbo Tax will calculate the 1040ES estimated payments

https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/00/26437

To prepare estimates for next year you start with your current return, but be careful not to change anything. For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Desktop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

Yes you will import your QuickBooks data next year.

Re: Getting started for next year

sherrilonglake — Tue, 24 Mar 2020 20:23:55 GMT

I do pay taxes throughout the year, I was just talking about the accountant's fee. I am hoping to use turbo tax business for 2020 tax year. I was just wondering if there is a way to get a version of 2019 (maybe after the filing deadline passes) so I could load it with this years data. I don't want to pay for the 2019 version (at least not full price) since I won't use it to file this year. My taxes are already done.

Re: Getting started for next year

sherrilonglake — Tue, 24 Mar 2020 20:25:25 GMT

We are a partnership, so I need to produce K1s for the partners.

Re: Getting started for next year

VolvoGirl — Tue, 24 Mar 2020 20:34:55 GMT

Yeah you would need to buy Turbo Tax Business and recreate 2019. Then it can transfer into next year. 2020 doesn't come out until November.

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.

https://turbotax.intuit.com/small-business-taxes