I am claiming my business for the first time. When I entered the business expenses, the refund went down. Is this common?

Forum|Forum|6 years ago
December 7, 2019
1 reply
15 views

I am claiming my bookkeeping business for the first time. When I entered my W2 info, then the business income and the refund all went up. Then I entered the business expenses and the refund dropped by $2,000. Also, how does everyone suggest filing? I mean, I use QBO Accountant and ProConnect Tax Online for my business but have always used TurboTax online for my personal taxes in the past. Is there a way to use ProConnect to do my personal taxes and claim my business?

ProConnect Tax Online

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Best answer by itonewbie

It doesn't sound right that your business expenses would reduce your refund, while everything else remains static.

Yes, you can use PTO to prepare your personal return but you won't be able to e-file unless you have an EFIN, although you can always file on paper.

I'm sure you're a competent bookkeeper but it sounds like you should consider hiring a competent tax professional to help you with your taxes.

You may also like to note that this forum is only for tax professionals and we do not address consumer questions even though you may be using PTO.

itonewbieAnswer

Level 15

It doesn't sound right that your business expenses would reduce your refund, while everything else remains static.

Yes, you can use PTO to prepare your personal return but you won't be able to e-file unless you have an EFIN, although you can always file on paper.

I'm sure you're a competent bookkeeper but it sounds like you should consider hiring a competent tax professional to help you with your taxes.

You may also like to note that this forum is only for tax professionals and we do not address consumer questions even though you may be using PTO.

---------------------------------------------------------------------------------Still an AllStar

TAXOH

Level 10

If they are in EIC range adding expenses could lower the refund .

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