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Export accounting data for Turbo Tax?

GlacierBoatsOfAlaskaGlacierBoatsOfAlaska Member Posts: 2

Brand new here ... just now made an account and forums login. Searched the forums and didn't spot an answer so .... question) Can or does Wave support export to a file format that Turbo Tax can then import? Just curious ... I don't mind entering annual summaries by hand, but thought I'd ask?

in Accounting Feature Ideas

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    GlacierBoatsOfAlaskaGlacierBoatsOfAlaska Member Posts: 2

    NOTE: I've basically ignored accounting software for my small business for many years and have only used spreadsheets (entering each debit/credit as costs and sales occurred) - so please forgive my ignorance.

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    KirkKirk Member Posts: 25 admin

    @GlacierBoatsOfAlaska No we don't have a direct export into Turbo Tax. But all of the information required will be available through our Income Statement and Balance Sheet report as long as your bookkeeping is up to date.

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    quickbikequickbike Member Posts: 4

    Came here to find this out as well. Would be awesome!

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    CapnJimCapnJim Member Posts: 3

    I'll second that -- a direct export to a Turbo Tax format would be great. On the other hand, now that you are H & R Wave, where's the tie in with Block's tax programs/services? I would happily change to Block if it worked with Wave.

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    christopherdaweschristopherdawes Member Posts: 9

    I'll third that. All the information is electronic. There is a TXF file standard for TurboTax and tax related information. There's no reason why I should have to rekey everything into another piece of software, possibly fat-fingering something along the way. It's 2020. We've put a man on the moon and we can't even manage something this simple?

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    AlonsoGomezAlonsoGomez Member Posts: 2

    I would switch to H&R Block as well. I have been using both Quickbooks and Waveapps to compare. I have been using turbotax, since I have been doing taxes, both personal and business. I like Quickbooks because it is easier to transfer expenses depending on the job, since my company does projects. But I love how easy it is to reconcile the accounts with Wave. Due to that, I would continue to use Wave if I could either transfer the data to Turbotax, H&H Block. And if they seamlessly transfer to H&R Block, I would buy it every year. I am all about saving time.

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    FitnessNextDoorFitnessNextDoor Member Posts: 1

    I tied working with Block this year. Many block advisors do not work with Wave and they did not have access to my business information. Even in the Washington D.C. region there was only 1 Block Advisor in northern VA when by business is located between DC and Baltimore. The limited number of Block advisors is an issue. Also when working with TurboTax, they have asked many questions and wanted info that added to my return whereas Block did not. Being able to export tax data to a CSV, Excel sheet, or PDF is a must. Not only for taxes but being able to back up your data.

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    MikegMikeg Member Posts: 995 ✭✭✭

    @FitnessNextDoor,
    Keep me in mind if you are looking for a pro for both tax and Wave. Upfront pricing at mgfinancial.net
    I'm located in MD but service clients everywhere, including DC and VA

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