This is the first time for me in over a decade of using Turbo's business version for Schedule C business owners that the form hasn't been ready before Est. Taxes are due Jan 15th -- Final payment of 2025. I ALWAYS depend on entering actuals by start of Jan to calculate if anything is due. TT finally did one update to partial Schedule C a few days ago but it only has MISC income with no 1099 box avail and not NEC and MISC. So for n ow I entered our grand total profit there. (Obviously I will redo everything properly later. This is just for est. tax calculation purposes due now.)
In a different way, every November, I actually use estimated amounts in the 2024 software and just change grand totals to current year, for this purpose to see if we need anymore end of year write offs. It works great as I can compare what may be due vs what we may still want to buy before Dec. 31st.
These same estimated income numbers are just about identical when I do this in Jan in the new software after it's released, for the correct tax year. ( I usually come out ahead b/c things like standard deduction go up or I found new tax write offs before end of year.)
THIS TIME... Everything looks completely in order except ONE line... Self Employment Tax due, on 2025 version shows $3000 more due than the 2024 version even though I have less income entered in 2025, and more deductions in 2025.
Is this ONLY because the software isn't ready? My understanding is not much on tax law changed and our income bracket for sure didn't change.
Just want to make sure I'm not sending $3000 extra to federal that I don't owe. 🙂 (Otherwise, we would have broken even with no tax due.) That's why this question matters to me today and I can't really wait til TT updates software in Feb.
I realize it may sound like a weird way to use the software, but it's been so helpful in tax planning vs write offs for us. 🙂
