Strongsilence-CPA
Level 9
‎03-01-2021 12:59 PM

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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IRonMaN
Level 15
‎03-01-2021 01:12 PM

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


Slava Ukraini!
George4Tacks
Level 15
‎03-01-2021 01:17 PM

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. 


Here's wishing you many Happy Returns
George4Tacks
Level 15
‎03-01-2021 01:29 PM

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

 

Analysis 1.JPG


Here's wishing you many Happy Returns