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Which TurboTax product should I choose if I am self-employed?

All TurboTax CD/Download products allow you to report self-employment income. The T2125 - Business and Professional, T2121 - Fishing Income and Expenses and T2042 - Farming self-employment forms are available in all products.

You can enter your information directly in the forms or you can complete the EasyStep interview and let the software enter the information in the forms for you. With Standard, or Premier, you can still enter self-employment income and expenses. However, there is no step-by-step business interview or additional help to guide you through the self-employment section of the tax return.

 

TurboTax Home & Business

TurboTax Home & Business is designed for self-employed Canadians. It can also be used if only one spouse is self-employed. The other spouse can declare their income in the same way they normally do. It offers many additional features that simplify the process of completing your business form and reporting self-employed business income. These features include:

  • an enhanced business interview that offers step-by-step instructions to help you complete the self-employment business forms
  • additional help and "Guide Me" assistance
  • free telephone and e-mail technical support

In addition to these features, you can enter investments and rental property income. TurboTax Home & Business:

  • provides enhanced guidance & tax-saving tips for investments & rental properties
  • comes with easy guidance for calculating & reporting capital gains & losses
  • helps you plan for the retirement you want

Partnerships

You can use  TurboTax Home & Business to declare income from a partnership. For detailed information on how to do so,

  1. Click on Help.
  2. Select the Index tab.
  3. Enter partnerships, then select  about partnerships in the list that appears. You will see several topics. Choose the one that is the most relevant to your situation.

Self-employment

For detailed information about various aspects of self-employment,

  1. Click on Help.
  2. Select the Index tab.
  3. Enter self-employment, then select the topic that is the most relevant to your situation.

 




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