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Way back when, when life was simpler, I used turbo tax and prepared my own tax returns. Several years ago I started to use an accounting firm. With family and no time and had just started a small LLC, I figured it safer (to maximize return and stay out of jail). However I’m feeling lost not knowing my returns in more detail.
I have a couple rental homes, a small LLC (horse boarding) and live and work in different states (Live in Pensylvania, work in Maryland, Rentals in Delaware and wife works in Delaware). All w/I a few mile of each other…. Anyway, the accounting firm was taking depreciation on the rentals…Not sure of details but the building and contents (carpet etc.) I have a copy of all of my returns. I understand the concept, but have trouble finding the details w/I the tax forms…Depreciation based on, dates, years left etc…
I was thinking of getting back to using Turbo Tax and preparing my own return…possibly using an accountant as a consultant if I had any questions. This would keep me involved in all decisions and I would understand my situation better.
What I would like to do is find someone that can take my 2010 tax return and enter it into Turbo Tax (or I would listen to other software suggestions) so that I can import the 2010 file into the 2011 tax return software and just have to update some numbers etc. Does this sound advisable? I had hoped to enter the data myself, but I’m not sure how to answer the questions to make the final return match. Also I tried to find a way to pull up the forms one by one and enter the data. But the software does not allow that. Some lines are based on calculations and information pulled from other areas.
So… Does anyone know of a service or person that could provide matching a Turbo Tax software file with an existing paper tax return?
Any suggestions, ideas etc. would be greatly appreciated….