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Tax Law (Questions About Taxes)/late filling - use current forms?

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Expert: Richard Fritzler - 4/5/2005


Question
I have not filed 2003 and I will be a bit late filling 2004, both my personal and my corporation which is my home business.
Situation is improving but I still can't afford an accountant and will like to use TurboTax this year for both, personal which I have done many times in the past and it was excellent, and for my business too since they have now a business version capable of 1120s, C, K1 etc.
Question is: The software will certainly give me the 2004 forms, so can I use them for 2003?
I was just thinking of doing it so and I think, IRS and State will reply back with the eventual penalties

Answer
Turbo tax software is only good for one year. If you want to use turbo tax to create a 2003 return, you will need to contact them and order the previous years versions of the software.

There are changes tot he tax laws every year, and some times those changes will affect your specific tax return.

You could get copies of the 2003 tax returns form the IRS website (IRS.GOV) and with the help of turbo tax 2004 get the information that would apply to the 2003 returns, that would save you 60-100 in software costs.

Tax Law (Questions About Taxes)

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Richard Fritzler

Expertise

Specializing in Business and Corporate taxation. Comparing the advantages and requirements of different business entities, such as Sub-S Corporations, LLC`s, Partnerships (Both Limited and General), Doing Business as a Sole Proprietor, or Using a C-Corporation. Issues regarding K-1 distributions, 1040, schedule C, 1120, 1120s. Are you considering domiciling a Corporation in a low tax state? I can review the benefits and misinformation that exists.

Experience

I have been in the business of assisting business owners in reducing their taxes and liability since 1986. The company is Owelesstax, incorporated, at www.owelesstax.com

Organizations
National Small Business Owners Association.
Publications
Contributing author to "The Corporate Standard Newsletter".


Publications
Contributing author to "The Corporate Standard Newsletter".
Ezinearticles.com articlesbase.com

Education/Credentials
I have been in the business of assisting business owners in reducing their taxes and liability since 1986. The company is Owelesstax, incorporated, at www.owelesstax.com

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