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I had a business that did not do so well. I have need to…

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I had a business...

I had a business that did not do so well. I have need to file for 2013 thru 2017. the IRS wanted me to have this done by January so they could put me on a payment plan. My question is, what would be the least expensive way to file but still make sure I get all credits available to reduce my tax debt?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Currently I owe around $5000 for past taxes.

Submitted: 1 month ago.Category: Tax
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1/4/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,472
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice since 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

My first thought (especially as it relates to being sue that you get everything that's coming to you) is that you need to sit down with a good tax professional who is experienced in doing business taxes.

...

But if that's too expensive then you might want to consider Turbox Tax (I have no association). I just know that they have a good interview method (used it for years) where ... if you just tell turbotax that you have a business and use the deduction finder, it does a pretty good job of helping you look for business deductions.

...

I see 2016, 2015 and 2014 here: https://turbotax.intuit.com/personal-taxes/past-years-products/

...

Bear with me a sec and let me see if I can find the earlier year

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

In my experience the turbotax interview method (where you tell the software that you have a business and it pulls you through the Q&A to enter the appropriate forms and numbers) is the happy medium between the do it yourself software and paying a tax pro.

...

And given the disparity of competence out there when it comes to tax preparers, if you're good at attention to detail doing it yourself might be the best way to go.

...

And here's an excellent overview of the list of possible business deductions:

...

https://quickbooks.intuit.com/r/professional/complete-list-of-self-employed-expenses-and-tax-deductions/

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

Likely the CHEAPEST way to go is here: https://www.freetaxusa.com/prior_year.jsp

...

But, likely stating the obvious, the tradeoff is between cost and expertise.

...

Another happy medium would be to go to one of the assembly line services such as H&R Block, Liberty tax, etc. ... More expensive than Turbotax, but a little more personalization (be sure that the person has experience with business taxes)

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

Does this help? ... How else can i help?

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,472
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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