![]() If you spent $1,000 on supplies and your Time-Space Percentage is 35%, enter $350 into Turbo Tax. So, watch out! If you spent $100 on supplies that were used 100% for your business, enter $100 in Turbo Tax. This means you will have to apply your Time-Space Percentage that is calculated elsewhere (under Home Office Deductions) on Turbo Tax. Since you will have many items that are used by your business and your family, you will need to multiply them by your Time-Space Percentage before entering them into the software. ![]() Unless you know you can deduct flashlight batteries, laundry detergent, light bulbs, tinfoil, window cleaner, toilet paper, and so on, you will miss out on a lot of deductions.Įxcept for house expenses and items you are depreciating, Turbo Tax will assume that any expense you enter is used 100% for your business. In other words, the software will ask you to enter your expenses for Supplies but won’t tell you what you might include as supplies. Turbo Tax will not tell you what you are entitled to deduct as a business expense, other than identifying the categories of expenses as they appear on the tax forms. I will review H&R Block and TaxAct next week. I reviewed the Turbo Tax Self- Employed version for this article. Note: The IRS has a program where you can use the Turbo Tax software, as well as other tax preparation software, for free if you are income eligible. The three major tax preparation software programs on the market are TurboTax, H&R Block and TaxAct Software. Where they should appear on your tax forms.How much of these expenses you can deduct, and.Not unless you know exactly what you are entitled to deduct as a business expense,.Should family child care providers use Turbo Tax?
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