Tax Cut 1065 Edition: My Opinion
So I finally finished up my taxes this weekend. My personal return was no big deal, as always. TurboTax does a pretty good job of importing my brokerage and W2 data directly over the internet and it’s a snap to enter things like mortgage and state income tax deductions and partnership income. It doesn ‘t seem to do business partnership (1065) returns, though, so I turned to Tax Cut 1065 addition to fill in the gaps.
Unlike doing my personal return on TurboTax, doing a 1065 return for my LLC was a nightmare. I used to think taxes were no big deal, but after this ordeal, I completely understand why people hate our tax system. Tax Cut was no help. It was literally like filling out the form line by line. It offered no help whatsoever. There were no shortcuts, helpful hints, or guidance of any kind. To be honest, it would have probably been faster to just print the forms out and do them manually. It certainly would have been cheaper. My advice to you is not to start an LLC to begin with (I kid) but if you do, definitely hire an accountant. This is one area where do-it-yourself can backfire severely. I’m pretty savvy with taxes compared to your average Joe and I was completely lost half the time. I don’t think I’ll ever attempt to do it myself again. So my conclusion about Tax Cut is: don’t bother. Don’t bother with any 1065 software, in fact. Spend $250 and get yourself a good accountant. Sanity is cheap.
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