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S
strongsilence
Level 10
March 1, 2021
Question

Do you have confidence in Analysis?

  • March 1, 2021
  • 2 replies
  • 12 views

I finished a 1040 for a real estate agent. His Sch. C shows a profit.  The LC analysis says the income and all the deductions are much higher than average "for a business of this type".  The numbers are reasonable and accurate and typical expenses for a realtor.  I don't have much confidence in the analysis report.

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2 replies

IRonMaN
IRonMaN
Level 15
March 1, 2021

It's a feature provided by Intuit?  Why would you trust it?

Slava Ukraini!
    George4Tacks
    George4Tacks
    Level 15
    March 1, 2021

    Here is a sample Analysis - on the right are links to various IRS pubs and stats.

    I think most come from https://www.irs.gov/statistics

     

    Answers are easy. Questions are hard!
      George4Tacks
      George4Tacks
      Level 15
      March 1, 2021

      I think the "analysis" is fashioned after something in Turbo Tax to give consumers a feel for how they compare to the "average"

      I have glanced at it, but give it no real credence. All of my clients are special and none of them are average. 

      Answers are easy. Questions are hard!
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