I have a new Mary Kay business. I’ve always used TurboTax deluxe for my personal returns. Can I use it for the home business or do I have to buy the business edition?

[BMcCalpin · Accepted solution]

You can enter businesses in both Deluxe and Premier. HOWEVER, the ability to deduct a lot of ordinary business expenses is limited in both products. Thus is why most taxpayers with a normal business with income and expenses use the Home and Business edition.

Oh, I just thought of inventory. I imagine that Mary Kay distributors may have a lot of inventory, and I wouldn't be surprised that only the Home & Business version of the product would support handling the reporting of inventory and Cost of Goods Sold.